Tokyo-headquartered DRC Medicine Ltd., a cutting-edge healthcare and biotechnology firm, has entered into a business combination agreement with Ribbon Acquisition Corp. a special purpose acquisition company listed in the U.S. The transaction will make DRC Medicine a public company via a merger with DRC Medicine Inc. and its subsidiary DRC Merger Inc.
DRC, whose Hydro Silver Titanium technology was first applied in consumer hygiene items such as masks and towels, is refining the tech to achieve medical device approval as one of the globe's first therapeutically-enabled masks for seasonal allergic rhinitis.
In addition to masks, DRC is building a pipeline of AI-driven In Vitro Diagnostic (IVD) kits for infectious diseases and allergens. Further, the firm is in advanced stages of talks for acquiring a Parkinson's disease drug maker with an ATP-enhancing drug being tested in the clinics.
Key Highlights-
Dr. Marumi Okazaki President and CEO of DRC said, "This transaction will provide us with the means that will allow us to capitalize on the favorable trends in our business. We plan to invest in additional IVD kits combined with AI-enabled Apps in pursuing universal diagnostics to empower the masses."
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Mr. Angshuman Ghosh, Chairman and CEO of Ribbon, added, "This business combination agreement with DRC is a great opportunity to enter into an exciting and accelerating growth healthcare and biotechnology industry.”
With its rich R&D capabilities and a focus on tackling global health challenges, DRC intends to increase its research, manufacturing, and commercialization activities to address increasing demand for respiratory protection and next-generation diagnostics.
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