Benzinga | Sep 2, 2021 08:01AM EDT

Regencell Bioscience Reports Established Joint Venture To Offer COVID Treatment

Regencell Bioscience Holdings Limited (NASDAQ:RGC) ("Regencell" or the "Company"), today announced that Regencell Bioscience Limited ("Regencell HK"), the Company's wholly-owned subsidiary in Hong Kong, has entered into a joint venture agreement with Honor Epic Enterprises Limited ("Honor Epic"). The joint venture ("JV") is expected to offer COVID-19 ("COVID") related treatments to patients in ASEAN countries, India, Japan, Australia and New Zealand.

As COVID vaccination rates in the Asian region are low and COVID infections and deaths rates are rising rapidly, there is a pressing need for a COVID treatment that can be widely available and easily accessible. Since March 2020, Mr. Sik-Kee Au, Regencell's strategic partner TCM practitioner, started to develop a Traditional Chinese Medicine treatment formula targeting COVID patients. So far, 12 patients (suspected or confirmed COVID cases) have been treated, and their health records showed improvements after an average treatment period of 5 days.

Regencell HK and Honor Epic plan to work together to make this treatment available in the ASEAN countries, India, Japan, Australia and New Zealand. Regencell will own 60% of the JV with customary drag-along option. The principal business of the JV shall be to trade, manufacture, market and distribute TCM formulae products, procure, enable, provide or support the treatment of COVID using TCM in the ASEAN countries, India, Japan, Australia and New Zealand.

Yat-Gai Au, Regencell's Chairman & CEO noted, "While the research is still ongoing, we strongly believe that our formula can make a difference in the fight against COVID. With Mr. Ji Yang Lee's strong business relationships and extensive network in over 60 countries, we believe that together we will be able to have a positive impact in the fight against COVID."

Ji Yang Lee, Founder of Honor Epic, noted, "I fully support and echo Regencell's efforts and primary goal of saving lives. I found a partner that shares the same values and look forward to closely working together with Regencell's team to quickly bring this treatment directly to patients in need."

The research of JV in COVID treatment is highly uncertain and Regencell cannot guarantee timing of completion of this research and commercialization of COVID treatment in any countries. Regencell will be posting updates regarding treatments in the fight against COVID on its website https://www.regencellbioscience.com/ soon.