| Singapore eDevelopment (market cap: S$71 million), yesterday said its wholly-owned subsidiary, Impact Biomedical Inc., has been valued at US$933 million (S$1.32 billion) by "independent valuation experts". Impact Biomedical has a suite of antiviral and medical technologies. The suite is mainly co-owned by Impact Biomedical and its scientific research partner, Global Research and Discovery Group Sciences*. The entire suite is valued at US$1.39 billion (S$1.97 billion) as of 26 May 2020 by valuation experts which are "reputed for their expertise and skills in assessing the potential deal value of medical intellectual property," said SeD. (*SeD, through its subsidiaries, is the controlling shareholder of Global Biolife which GRDG Sciences own 20% of. GRDG contributes its expertise and assigns its patents to Global BioLife while a SeD subidiary, Global BioMedical, Inc provides the funding. See SeD's announcement) |
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Stock price |
6.0 c |
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52-week range |
1.9 – 6.8 cents |
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Market cap |
S$71 m |
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PE (ttm) |
-- |
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Dividend yield |
-- |
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1-year return |
34% |
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Shares outstanding |
1.18 b |
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Source: Yahoo! |
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The valuation is a leg up from the US$592 million (S$841 million) that Impact Biomedical had announced on 23 April 2020 as valued by Destum Partners.
The new valuation exercise, which was initiated by GRDG Sciences, takes into consideration "numerous additional disease applications" of the suite.
Singapore eDevelopment said the scope of the new valuation includes:
| • 3F Mosquito and Antiviral Biofragrance; • Equivir, an OTC medication with broad antiviral activity; • Laetose, an advanced sugar replacement that is reduced calorie and low glycemic; and • Linebacker, a broad-spectrum universal therapeutic. |
| Sale of Impact Biomedical for US$50 m |
| Singapore eDevelopment, on 4 May 2020, announced that Impact Biomedical had entered into an agreement for a US$50 million share swap. As the terms of the share swap transaction were finalized prior to the new valuation, the terms and consideration will not be amended now. Singapore eDevelopment is selling Impact BioMedical to New York-listed Document Security Systems (DSS) in return for DSS shares. DSS has a market cap of under US$20 million currently. The CEO and largest shareholder (72.8%) of Singapore eDevelopment is Chan Heng Fai, who is also the largest shareholder (36.8%) of DSS as well as Chairman of the DSS Board. About US$3.1 million will be paid via 483,334 new DSS shares, representing about 18.93% of the enlarged share capital of DSS. The remaining US$46.9 million will be paid via 46,868 DSS perpetual convertible preferred stock to Global BioMedical, a subsidiary of Singapore eDevelopment. |
Impact Biomedical and GRDG Sciences developed its technology suite in a long-term research program adhering to the principles and initiatives established by the Panacea program, the Open Air Defense Initiative, Project Bioshield and the Biomedical Advanced Research and Development Authority of the U.S. Department of Health and Human Services.
GRDG Sciences’s Chief Scientific Advisor is Dr. Roscoe M. Moore, Jr., the former US Assistant Surgeon General and former Epidemic Intelligence Service Officer at the Centers for Disease Control and Prevention (CDC).
He said, “GRDG's broad set of technology clearly shows a comprehensive approach to provide solutions to global healthcare that is poised to make a real impact and improve the lives of many people around the world.”
Also advising GRDG Sciences is Lieutenant Colonel William H. Lyerly Jr., retired Career Senior Executive / Scientific Professional from the U.S. Department of Homeland Security and retired U.S. Army Medical Service Corps Officer. He also served as a senior official in the U.S. Department of Health and Human Services, the U.S. Agency for International Development, and the U.S. Executive Office of the President (White House).
Lieutenant Colonel Lyerly states, “GRDG has a wide range of novel, unique capabilities which are reflected in this valuation. Each aspect is important on its own and the combination of assets is simply astounding.”
Impact Biomedical accomplished this R&D in strategic partnership with GRDG Sciences led by Mr. Chan Heng Fai, Chairman.
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Beneficial |
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Daryl Thompson, Director of Scientific Initiatives and founder of GRDG Sciences, said, “This valuation validates the 5-year project to prove the speed in which biomedical countermeasure research can be achieved, a major accomplishment especially in the present atmosphere of the COVID pandemic.”
GRDG Sciences is working with large global companies and organizations to license and integrate this technology into pipelines and programs for further validation, regulatory approval, and deployment to treat or prevent multiple threats to the health of people worldwide.
For details of the suite of biomed technologies, click on SeD's announcement here.
