( MENAFN - GlobeNewsWire - Nasdaq) BANGKOK, Thailand, June 03, 2024 (GLOBE NEWSWIRE) -- NewGenIvf Group (NASDAQ: NIVF) (“NewGen” or the“Company”), a comprehensive fertility services provider in Asia helping couples and individuals obtain access to fertility treatments, today announced the execution of a non-binding term sheet (the "Term Sheet") regarding a proposed reverse merger (the“Proposed Transaction”) with Pharmaceutical company COVIRIX Medical Pty Ltd ("COVIRIX"). Mr. Siu Wing Fung Alfred, Founder, Chairman, and CEO of NewGen commented, "I am excited to announce that we have executed a non-binding term sheet to pursue a proposed reverse merger with COVIRIX, a pharmaceutical company developing novel antiviral therapies.
This potential transaction represents a compelling strategic opportunity with multiple synergies to create value for our shareholders. As companies operating in the healthcare space, combining forces will allow us to leverage our respective strengths and expertise. COVIRIX's pipeline of antiviral treatments can complement our fertility services by supporting the pre and post-natal care of our patients.
Additionally, our extensive network of licensed country distributors can help drive awareness and adoption of COVIRIX's therapies. From a financial perspective, the proposed $6 million fundraising will fortify our balance sheet and provide growth capital to expand our operations. The increased scale and market capitalization of the combined ent.
