Vision Sensing Acquisition Corp. Announces Definitive Agreement and Plan of Merger with Mediforum Co., Ltd

The Combined Company Is Expected To Trade On Nasdaq Post-Closing Under A New Ticker Symbol

• Mediforum is a leading biotechnology company in Korea that focuses on researching and developing ethical drugs and diagnostic reagents, and strategic application products primarily derived from natural material i.e., Korean and oriental traditional medicine to ensure safety and efficacy.

• Mediforum has been principally involved in drug development with two pipeline drugs: PM012 for Alzheimer’s Disease (AD); and MF018 for Chemotherapy-Induced Peripheral Neuropathy (CIPN), both currently are in Phase 2b and Phase 2 clinical trials in Korea, respectively.

• Vision Sensing Acquisition Corp. (“VSAC”) is a NASDAQ listed special purpose acquisition company trading under the ticker symbol “VSAC.”

• Mediforum will have a pre-money enterprise value of US$250 million at closing, and is also looking to secure additional financing in an amount up to US$50 million from private placement of equity, debt or other alternative financing. 
  

NEW YORK, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Vision Sensing Acquisition Corp. (NASDAQ: VSACU, VSAC, VSACW) (the “Company” or “VSAC”), a special purpose acquisition company, announced today that it has entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) with Mediforum Co., Ltd (“Mediforum”), a prominent biotechnology company based in Korea, specializing in the research and development of ethical drugs, diagnostic reagents, and strategic application products, providing for a proposed business combination that, if consummated, will result in Mediforum becoming a publicly listed company. Subject to the terms and conditions set forth in the Merger Agreement, upon the closing of the transactions, the combined company will be listed on NASDAQ under a new ticker symbol.

Mediforum, a leading biotechnology firm in Korea, stands as a global pioneer in biotechnology, dedicated to advancing biomedical sciences through innovative and ethical practices. Founded by accomplished researchers, the company's mission revolves around improving the quality of life for those facing conditions such as Alzheimer's disease (AD) and neuropathic pain. With a diverse portfolio ranging from anti-dementia medications to health functional foods, Mediforum is at the forefront of biomedical innovation. Notably, their flagship product, PM012, is currently undergoing Phase 2b clinical trials for Alzheimer's disease (AD) with plans for subsequent Phase 3 trials in Korea and the U.S. Additionally, PM012 is exploring indication expansion for Parkinson’s disease (PD) and stroke, showcasing its potential in addressing broader neurological challenges. Actively addressing the non-narcotic therapies, Mediforum is also developing MF018, currently in Phase 2 clinical trials for Chemotherapy-Induced Peripheral Neuropathy (CIPN). Following the successful Phase 2 trials, Phase 3 clinical trials are planned in Korea and the U.S. for MF018. The evaluation for diabetic peripheral neuropathy (DPN) further positions MF018 as a versatile solution in neuropathic conditions. The company recently achieved a milestone by becoming the first Korean biotech entity to list on NASDAQ, solidifying its global industry leadership. Mediforum's corporate culture, centered on technology, innovation, and leadership, underscores its commitment to transformative healthcare solutions.