Vancouver, British Columbia--(Newsfile Corp. - March 6, 2024) - Trenchant Capital Corp. (CSE: TCC) (the "Company") announces that GNQ Insilico Inc. ("GNQ") has reported that it has commenced the development of an in silico clinical trial platform with a technology-based Fortune 100 company. On November 6, 2023, GNQ signed a Memorandum of Understanding with the Fortune 100 company to develop and commercialize an artificial intelligence (AI) driven drug development platform that integrates GNQ's genomics and epigenetic analytics, generated over 10 years through data from 15,000 case studies. The full corporate update from GNQ can be accessed here: https://www.einpresswire.com/article/693207326/gnq-insilico-announces-collaboration-with fortune-100-company-to-develop-next-generation-clinical-trial-platform.
"Our collaboration with a Fortune 100 technology company and its leadership in AI and quantum computing will empower GNQ Insilico to further advance its genomics-driven generative AI in silico clinical trials platform. Given the current challenges facing life sciences companies in cost effective and timely drug development, we believe that our platform can be a game changer in helping these companies more rapidly bring their drugs to market," states Rehan Huda, Founder and Chief Executive Officer of GNQ.
GNQ was formed in August 2023 by My Next Health Inc. ("MNH"), a Delaware incorporated healthcare company with a vision to improve the global healthcare sector by deploying a genomics-based AI and quantum platform for clinical trials and point of care solutions. MNH's platform uses proprietary insights on how systems of genes interact with each other as well as with epigenetic factors to drive key metabolic pathways. These insights are based on more than 15,000 case studies conducted over a decade and are now being scaled and commercialized through a platform that will leverage key exponential technologies to revolutionize personalized healthcare. It is GNQ's belief that the successful deployment of its genomics-driven generative AI in silico clinical trials platform powered by quantum computing has the potential to provide the following benefits to drug development:
Rapid Drug Development: In silico clinical trials enable us to expedite the drug development process by simulating and predicting drug responses, significantly reducing the time required for clinical trials and the overall cost of the trials.
Improved Safety and Efficacy: In silico clinical trials enhance our understanding of drug mechanisms, allowing for the prediction of adverse effects and optimization of drug dosages, thereby increasing safety and efficacy.
Personalized Medicine: Our generative AI platform simulates the effects of drugs across diverse profiles of human digital twins (digital replicas of real people), enabling the development of targeted therapies and facilitating personalized medicine across disparate and diverse populations.
Equitable Representation: Our drug simulation process is inherently designed to include genetic, epigenetic and lifestyle variances based on ethnic and minority populations, thereby ensuring equitable representation of underserved minorities in the drug development process.
MNH has exclusive and perpetual global rights to the use of certain technology that relates to functional genomics as well as the supporting clinical data, programs, methods, and interpretation know-how and analytics for use in a number of commercial applications. For more information on GNQ, see its website at https://gnqin.com/.
Option Agreement
The Company entered into an Option Agreement with GNQ, dated November 30, 2023, as amended (the "Option Agreement") pursuant to which GNQ granted the Company the right and option (the "Option") to purchase up to 50% of the common shares in the capital of GNQ (each, a "GNQ Share") during the period (the "Option Period") commencing on November 30, 2023 and ending on the earlier of November 30, 2026 or the date of a specified liquidity event involving GNQ (as set out in the Option Agreement). Pursuant to the Option Agreement, the Company agreed to acquire an initial 20% of the post-investment fully diluted GNQ Shares for consideration consisting of $2,500,000 and the issuance of 7,500,000 common shares in the capital of the Company (each, a "Trenchant Share") to GNQ (collectively, the "Initial Investment"). To date, the Company has invested $700,000 of the Initial Investment in exchange for 59,322 GNQ Shares being 5.6% of total issued and outstanding GNQ Shares on a fully diluted basis.
Effective March 5, 2024, the Company has agreed with GNQ that, on or prior to March 15, 2024, the Company will make a $500,000 cash payment in exchange for 52,966 GNQ Shares and that, on or prior to April 12, 2024, the Company will make a $1,300,000 cash payment and issue 7,500,000 Trenchant Shares in exchange for such number of GNQ Shares which would result in the Company owning an aggregate of 20% of the total issued and outstanding GNQ Shares on a fully-diluted basis, when combined with the GNQ Shares previously held by the Company, as at the date of the completion of the issuance of the GNQ Shares.
ON BEHALF OF THE BOARD
TRENCHANT CAPITAL CORP.
Per: "Eric Boehnke"
Eric Boehnke, CEO
For further information, please contact:
Trenchant Capital Corp.
Eric Boehnke, CEO
Phone: (604) 307-4274
TRENCHANT CAPITAL CORP.
Certain statements in this press release are forward-looking statements, which reflect the expectations of management regarding the Company's completion of the Initial Investment and related transactions. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding MNH's and GNQ's business and potential in the industries in which they operate, the Company completing the transactions as described herein or at all, and the obligations to be satisfied under the Amended Option Agreement. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements, including risks related to factors beyond the control of the Company. The risks include that the business of MNH and GNQ may not be feasible or continue as planned, as well as other risks that are customary to transactions of this nature. Further, inflationary pressures, rising interest rates, the global financial climate and the ongoing conflicts in Ukraine and the Middle East and surrounding regions are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the operating performance, financial position, and future prospects of the Company, MNH, GNQ, and the transaction as a whole. Collectively, the potential impacts of this economic environment pose risks that are currently indescribable and immeasurable. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200598
SOURCE: Trenchant Capital Corp.
