Nov 20, 2019 (AB Digital via COMTEX) -- November 20, 2019 - 665 Energy, Inc. SSOF, +7.14% acquired Zimmerman BioPharmaceuticals (ZBP), the owner of a patent-protected process that will deliver insulin to consumers at 80% of current prices. The global market for human insulin was $42.9 billion in 2017*. Within the next two years, the global demand for insulin will increase by 47%.* The ZPB process lowers productions costs, improves product cycle time, and delivers greater product stability.
Zimmerman BioPharmaceuticals has invested more than 7 years and $6 million in developing and patenting this process. Zimmerman’s biosimilar insulin has been fully validated in preclinical trials and testing. The company has received an FDA recommendation to seek approval through the accelerated 505(b)(2) NDA process.
Dr. Ron Zimmerman is the Founder and Chief Science Officer of Zimmerman BioPharmaceuticals. Dr. Zimmerman served as the Chief Scientist at Eli Lilly for more than 30 years. His career in the biopharma industry also includes 20 years of building and selling biopharmaceutical businesses, where he developed and patented processes that greatly improve insulin manufacturing. Dr. Zimmerman served as the co-founder and President of IPT, Inc., which sold to IVAX Corporation at a 500% internal rate of return (IRR). IVAX later sold to Teva Pharmaceutical Industries for $7.4 billion TEVA, +1.26%
Mr. David Wood leads Zimmerman BioPharmaceuticals as President and CEO with 35+ years experience as an operations executive in start-ups and Fortune 25 companies; delivering rapid revenue growth, and building teams to sustain growth & profitability. He was the CRO for Scient Inc., VP & GM for the $180 million Enterprise BU, and the President & COO for The Joseph Company valued at $40 million. He served as a Captain in the United States Army, and holds a Bachelor of Science, Magna Cum Laude, from Northeastern University.
Mr. Jim Frazier, the previous CEO of 665 Energy Inc., has tendered his resignation and controlling interest of the company effective immediately.
“The acquisition of Zimmerman is a new direction for SSOF and gives shareholders and investors an opportunity to participate in a growing company that has market critical products. Additionally, with the spin-off of Maxwell, existing shareholders will have an interest in Maxwell Exploration as it continues to grow by continuing to acquire and develop oil and gas assets. I know and expect that Mr. David Wood will bring real success to SSOF as he has Zimmerman and Mr. John Johnson will continue to do the same for Maxwell as each company President begins a new direction”, said Jim Frazier, former President and CEO.
About Six Six Five Energy, Inc.
Six Six Five Energy is an Energy and Resource holding company. For more information, visit www.665Energy.com
SAFE HARBOR AND INFORMATIONAL STATEMENT
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company's reports filed with the SEC. The Company is not eligible to rely on the safe harbor provided by Section 21E(c) of the Exchange Act because it is not subject to filing periodic reports under Sections 13 or 15(d) of the Exchange Act.
To read more Press Release articles, click here.