Aspire Biopharma, PowerUp Acquisition enter LOI for business combination

Aspire Biopharma and PowerUp Acquisition announced that they have signed a non-binding letter of intent for a potential business combination. Under the terms of the LOI, following the consummation of the Business Combination, the combined public company would be listed on a national securities exchange. 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. In March 2023, the Company filed application number 63/456,290 with the United States Patent and Trademark Office with the goal of securing patent protection for its new technology and aspirin formulation. This technology is expected to facilitate development of any number of products in a soluble, PH neutral, fast acting powder form using Aspire’s patented formulation, and “trade secret” process. Aspire’s drug delivery utilizes a new mechanism of action which allows for instant absorption in the mouth. The benefits of “instant absorption” are to provide nearly instant treatment impact and also allows high dose absorption. The Company has recently broadened its patent portfolio internationally and is in the process of filing additional patents covering a new set of drugs currently under development. Aspire’s patented and patent pending delivery system includes components specifically formulated to allow rapid sublingual absorption of drugs directly into the blood stream, by passing the gastrointestinal tract and liver thus mitigating unwanted toxicity of this critical organ. 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 intends to 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 and requires 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. Aspire Biopharma and PowerUp intend to finalize their definitive business combination agreement in the coming weeks and will announce additional details at that time. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all. Any such transaction would be subject to various contingencies and conditions, including the Aspire Biopharma’s requisite investor consents, third party consents and regulatory review, including from the Securities and Exchange Commission and a national securities exchange.