ROCHESTER, N.Y., July 09, 2020 (GLOBE NEWSWIRE) -- Document Security Systems, Inc. (NYSE American: DSS), a multinational company operating businesses focused on brand protection technology, blockchain security, direct marketing, healthcare, real estate, and securitized digital assets, today announced that its target acquisition Company, Impact Biomedical, published results from its in-vitro testing with Equivir and Linebacker, its proprietary compounds, and 3F Biofragrance against COVID-19 in independent laboratory testing. Impact Biomedical and Global Research and Discovery Group Sciences (GRDG), in independent Biosafety Level 3 containment facilities, challenged its compounds with the SARS-CoV-2 virus. Equivir and Linebacker demonstrated in-vitro success as a treatment, as well as a prophylactic protecting the cells from infection by the virus.
According to Impact Biomedical, 3F Biofragrance was successful as a surface disinfectant, killing the virus in concentrations as low as 1/5000 after 15 seconds in the invitro testing. These in vitro results confirm the predictions of advanced computational molecular docking in which Equivir and Linebacker bind with a high affinity to the COVID-19 helicase and protease. Equivir and Linebacker also caused transformational change in the host ACE-2 receptor, interfering with the virus' ability to interact and infect the host cell. The binding affinity of components of 3F Biofragrance were also observed during molecular docking.
Impact Biomedical designed and patented Equivir as a prophylactic to be deployed in a manner similar to a vitamin. It works by impeding virulence while also blocking multiple methods used by viruses to infect and replicate in host cells.
Impact stated that Linebacker was created to mirror the Panacea Project, a US Defense Advanced Research Projects Agency (DARPA) program to provide novel, multi-target therapeutics for unmet physiological needs. Linebacker is under continuing research against COVID-19 as it showed efficacy against SARS and MERS in previous laboratory testing.
Impact Biomedical designed 3F Biofragrance for the Open Air Defense Initiative, a strategic program for protecting large crowds such as containment areas, ports of entry, train stations, airports, convention centers, offices, schools, and hospitals.
3F Biofragrance was developed by Impact Biomedical in collaboration with Chemia Corporation (Chemia), world-renowned for the development of fragrances and flavors for personal, household, and industrial applications.
Impact Biomedical's technology solutions have been developed in strategic partnership with GRDG. Mr. Chan Heng Fai, Chairman of DSS stated, "We are pleased with the in-vitro results of Impact Biomedical’s two lead compounds and their potential as a treatment, as well as a prophylactic, in the fight against COVID-19. We continue to progress toward our goal of completing the acquisition and look forward to providing further updates as additional milestones are achieved," said Mr. Chan.
DSS announced its acquisition of Impact Biomedical in March 2020. Impact Biomedical’s ownership of a suite of antiviral and medical technologies has been valued at $382 million by Destum Partners, known globally for its high level of expertise and capability in independently valuing and advising on pharmaceutical technology. On May 26, 2020, Impact Biomedical disclosed that it received a valuation of $933 million for this suite of technology from a different independent valuation firm. Unlike the previous valuation, the new valuation takes into consideration numerous additional disease applications of the suite of antiviral and medical technologies. As the value is higher than the agreed value, the purchase price for the acquisition will be DSS common stock and convertible preferred stock with an agreed value of $50 million, as previously announced.
About Impact BioMedical, Inc.
Impact BioMedical, Inc. (“Impact BioMedical”) is a wholly owned direct subsidiary of Global BioMedical Pte. Ltd., which in turn is a wholly owned direct subsidiary of Singapore eDevelopment Limited, a company listed on the Singapore Exchange.
Impact BioMedical strives to leverage its scientific know-how and intellectual property rights to provide solutions that have been plaguing the biomedical field for decades. By tapping into the scientific expertise of GRDG Sciences, LLC and Australian Exchange-listed Holista CollTech Limited, Impact BioMedical pledges to undertake a concerted effort in the R&D, drug discovery and development for the prevention, inhibition, and treatment of neurological, oncological and immuno related diseases.
About Document Security Systems, Inc.
DSS is a multinational company operating businesses focused on brand protection technology, blockchain security, direct marketing, healthcare, real estate, and securitized digital assets. Its business model is based on a distribution sharing system in which shareholders will receive shares in its subsidiaries as DSS strategically spins them out into IPOs. Its historic business revolves around counterfeit deterrent and authentication technologies, smart packaging, and consumer product engagement. DSS is led by its Chairman and largest shareholder, Mr. Fai Chan, a highly successful global business veteran of more than 40 years specializing in corporate transformation while managing risk. He has successfully restructured more than 35 corporations with a combined value of $25 billion.
For more information on DSS visit http://www.dsssecure.com.
Dave Gentry, CEO
RedChip Companies Inc.
Safe Harbor Disclosure
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements related to the Company's intended use of proceeds and other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for substantial additional funds; patent and intellectual property matters; competition; as well as other risks described in our SEC filings, including, without limitation, our reports on Forms 8-K, 10-K and 10-Q, all of which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management's current estimates, projections, expectations and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.