Visiox Pharmaceuticals and PowerUp Acquisition Corp. confirm a definitive agreement for a business merger, intending to take Visiox public on Nasdaq as Visiox Holdings, Inc. The combined entity targets ocular treatments, including an FDA-approved drug for glaucoma and other late-stage candidates. Led by CEO Ryan Bleeks, Visiox aims to address unmet needs in ophthalmic care with anticipated funds accelerating drug commercialization. PowerUp’s CEO emphasizes patient benefits from Visiox’s innovative therapies.
Visiox Pharmaceuticals, Inc. (“Visiox” or the “Company”), a commercial-stage biopharmaceutical company, and PowerUp Acquisition Corp. (“PowerUp”) (Nasdaq: PWUP) today announced the execution of a definitive agreement for a business combination (the “Transaction” or the “Business Combination”) that would result in Visiox becoming a publicly traded company on the Nasdaq Capital Market (“Nasdaq”). The business combination is expected to close in the first quarter of 2024, and upon closing the combined company will be named Visiox Holdings, Inc. with its common stock and warrants expected to be listed on Nasdaq under the ticker symbols VSXP and VSXPW, respectively.
Visiox’s pipeline of an FDA Approved drug candidate, and other late-stage clinical drug candidates, includes treatments for patients with ocular hypertension, open angle glaucoma, and post-surgical inflammation and pain. Visiox’s mission is to develop and commercialize ophthalmic treatments in large markets with high unmet need. Visiox’s pipeline of both New Chemical Entity (NCE) and 505(b)(2) products address highly prevalent disease states in need of new treatment options. Globally, glaucoma affects over 80 million people, and there are over 6 million ocular surgeries in the United States every year.
Upon the closing of the Transaction, Visiox will continue to be led by current CEO, Ryan Bleeks. Mr. Bleeks is a pharmaceutical executive with more than 22 years of ophthalmology industry experience.
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
“The Visiox/Powerup announcement represents the next major milestone on our journey to provide solutions for patients with ophthalmic conditions in need of new treatment options,” Mr. Bleeks said. “We anticipate that the funds anticipated to be available to us from this transaction will help us accelerate the commercialization of Omlonti, PDP-716, and SDN-037.”
Mr. Suren Ajjarapu, Chairman and CEO of PowerUp, commented on the Transaction as follows: “We are very excited to be taking definitive steps, and planning for the successful combination of PowerUp and Visiox, and for the patients who will benefit from Visiox’s innovative ophthalmic therapies. We congratulate Ryan and his team on this milestone achievement.”
Source: Bio Space
