EUDA Health Holdings Limited Enters into Letter of Intent for Proposed Merger with TheoremRx Inc.

SINGAPORE, Oct. 05, 2023 (GLOBE NEWSWIRE) -- EUDA Health Holdings Limited (“EUDA” or the “Company”) (NASDAQ: EUDA), a Singapore-based digital health platform that aims to make healthcare more affordable, accessible, and improve the patient experience by delivering enhanced outcomes through personalized healthcare, today announced that it has signed a letter of intent dated October 4, 2023, with respect to the proposed merger with TheoremRx Inc. (“TheoremRx”), a private U.S.-based company focused on the development of new treatments with safe administration, low toxicity, and a high potential for polypharmacy usage to benefit patients suffering from cancer and women’s health conditions.

The two parties have agreed to a 30-day exclusivity period, which may be extended by an additional 15 days by mutual agreement, to negotiate and conduct due diligence with the aim of reaching a definitive agreement. Under the letter of intent, TheoremRx would merge with a subsidiary of EUDA. The legal structure, ownership stake, and name and branding after the transaction will be determined through mutual agreement during the due diligence phase.

“The proposed merger represents an exciting opportunity for EUDA to bolster its market position through the strategic combination with a biotech company with immediate growth and innovation opportunity,” said Dr. Kelvin Chen, Founder and CEO of EUDA. “We believe TheoremRx has strong access to capital and a robust pipeline of compounds addressing high-demand unmet therapeutic areas with near-term inflection points. Its project portfolio is also pre-selected for high upside, with minimal time and cost to reach key monetization milestones. By combining the respective strengths of our two companies’ platforms, we believe that we can help critical new biopharma treatments advance through the clinical trial process while creating significant value for shareholders.”

The completion of the merger is subject to various conditions, including the negotiation of a definitive agreement, regulatory approvals, and the satisfaction of customary closing conditions. There can be no assurance that the merger will be completed or that the proposed terms set forth in the letter of intent will remain unchanged.

About TheoremRx Inc.

TheoremRx Inc. is a company focused on the development of new treatments with safe administration, low toxicity, and high potential for polypharmacy usage to benefit patients suffering from cancer and women’s health conditions. TheoremRx has built a broad portfolio of novel drug candidates targeting unmet medical needs in large market indications where it will advance each asset to partnering and licensing to global pharmaceutical companies. The US-based company operates out of New York, NY and Montreal, Quebec.

TheoremRx was founded on the basis of solving two primary challenges facing biotech investors: reducing clinical risk and reducing time to value. ThereomRx’s approach maximizes upside with the least amount of time and cost to reach value inflection points. Since its inception, TheoremRx has built a portfolio of substantially de-risked clinical programs in oncology and women’s health in two primary categories:

  1. new indications of FDA-approved products (i.e., limited clinical risk; shortened regulatory pathway); and
  2. de-risked programs pre-selected for their significant efficacy signals and little-to-no side effect profiles (i.e., minimal clinical risk) which are developed only to end-of-Phase II POC.

In addition to significant novel product development successes across multiple indications, the TheoremRx management team and strategic partners have extensive experience raising capital in public and private companies, having raised over $1B in financings ranging from early-stage venture financings through crossover rounds, and capital markets transactions including PIPEs, IPOs, follow-ons, and debt financings.

About EUDA Health Holdings Limited

EUDA Health Holdings Limited is a Singapore-based health technology company that operates a first-of-its-kind Southeast Asian digital healthcare ecosystem aimed at making healthcare affordable and accessible, and improving the patient experience by delivering better outcomes through personalized healthcare. The company’s proprietary unified AI platform quickly assesses a patient’s medical history, triages a condition, digitally connects patients with clinicians, and predicts optimal treatment outcomes. EUDA Health’s holistic approach supports patients throughout all stages of care, including wellness & prevention, urgent care & emergencies, pre-existing conditions, and aftercare services.

Forward Looking Statements

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock price. Factors that could cause actual results to differ materially from management’s current expectations include those risks and uncertainties relating to our competitive position, the industry environment, potential growth opportunities, and the effects of regulation and events outside of our control, such as natural disasters, wars, or health epidemics. 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.

Roger Hu