PowerUp Acquisition, Aspire Biopharma enter business combination agreement
Aspire Biopharma and PowerUp Acquisition Corp., have entered into a definitive agreement and plan of merger. The proposed business combination is subject to customary closing conditions, including regulatory and stockholder approvals. The combined public company is expected to be named "Aspire Biopharma Holdings, Inc." and plans to list its common stock on Nasdaq under the new ticker symbol "ASPH", subject to the approval of its listing application. Aspire Biopharma, Inc. is a privately held, early-stage biopharmaceutical technology company founded in 2021. The Company is engaged in the business of developing and marketing a disruptive technology for novel delivery mechanisms for "do no harm" FDA approved drugs, nutraceuticals and supplements. Aspire has developed and acquired technologies that are a Novel Soluble Formulation which address emergencies and drug efficacy, dosage management, patient compliance and safety and rapid response and absorption time when required and desired. Aspire had historically focused on the delivery of aspirin, which may be the most studied and accepted analgesic and anti-inflammatory. However, current aspirin applications have limitations due to side effects from acidity. Instaprin, which addresses cardiology emergencies and pain management, is a granular or powder formulation of a soluble, Ph neutral, fast acting aspirin. Benefits of "instant absorption" aspirin are to stop heart attack and stroke; allow high dose absorption for pain management including quick headache relief, post-surgery, cancer pain management, and general pain relief. Aspire currently plans to file a 505(b)(2) New Drug Application with the U.S. Food and Drug Administration for Instaprin. The 505(b)(2) pathway specifically benefits new drugs that are similar to already approved drugs but have slight variations in formulation or administration routes. Aspire can reference the safety and efficacy data of the original innovator drug which can accelerate the approval process and reduce associated costs. In addition to the Company's lead candidate Instaprin, Aspire has numerous pharmaceutical and nutraceutical applications under development in the following areas, including but not limited to a proprietary Viagra/Cialis combination product which is faster acting, requiring decreased dosages with the benefit of a longer half-life, various bi-hormonal drugs such as testosterone, estrogen and weight loss drugs, traumatic brain injury drugs, and thyroid drugs, among others. The boards of directors of PowerUp and Aspire have approved the Business Combination, subject to, among other things, the approvals by stockholders of PowerUp and Aspire and satisfaction or waiver of the other conditions outlined in the Merger Agreement. Net proceeds from the Business Combination are expected to enable Aspire to further expand the internal development of new product offerings, accelerate strategic partnerships and "Fast Track" Instaprin, a "do no harm" aspirin medication through the FDA and regulatory agencies. Under the terms of the Merger Agreement, Aspire's existing shareholders will continue to own in excess of a majority of the post-combination company upon consummation of the Business Combination.
