Summary

• Synthetic Biologics scored a major coup in my opinion when it acquired novel oncology concern VCN Biosciences at the time when owner Grifols was unloading non-core assets.
• The upfront $7M the company spent to acquire a rich, growing, and diverse oncology pipeline is virtually nothing when compared to the initial $500M 2020 IPO of lesser competitor Oncorus.
• Founding shareholders and minority holders of 13.17% of VCN's capital will receive 19.9% of Synthetic Biologics ordinary shares thus incentivizing them to ensure a bright future for the combined enterprise.
• Following the VCN acquisition the company still has about $65M in cash which will provide significant runway to both support the company's existing programs, as well as to able to advance VCN-01 and VCN-011 through important milestones that will certainly drive significant shareholder value.
• VCN was founded by internationally recognized experts in oncolytic adenoviruses for cancer treatment. VCN's novel therapies allow for a robust and efficient manufacturing process, with an attractive cost structure. The platform is supported by a growing intellectual property (IP) portfolio that provides it patent protection through at least 2030 with additional patents underway that will further strengthen the company's IP portfolio.