Polyrizon Intends to Acquire up to 20% Stake in Colugo, Developer of Advanced eVTOL Drones for Defense and Urban Air Mobility Applications
The Company signed a non-binding MOU with shareholders of Colugo. Colugo's customer include the Israel Defense Forces, national first responders organizations and commercial companies
Raanana, Israel, March 24, 2026 (GLOBE NEWSWIRE) -- Polyrizon Ltd. (NASDAQ:PLRZ) ("Polyrizon" or the "Company"), a pre-clinical-stage biotechnology company developing intranasal protective solutions, today announced the signing of a non-binding Memorandum of Understanding ("MOU") with shareholders of Colugo Systems Ltd. ("Colugo"), an innovative Israeli developer of advanced electric Vertical Take-Off and Landing (eVTOL) drone systems, for the acquisition of up to 20% stake in Colugo.
Established in 2016, Colugo designs and manufactures innovative aircraft that are designed to drive advancements in shaping aviation in the emerging Urban Air Mobility (UAM) market. Based on five unique patents in Adaptive Wing Technology (AWT), the company's ARC aircraft range combine long-distance flight, prolonged hovering capabilities, and ultimate wind endurance in a vertical take-off and landing (VTOL) vehicle– a one-of-a-kind package that is unparalleled in the market. Colugo has significant field-proven success in providing air support and military-grade services for the defense, homeland security and disaster management sectors, including to the Israel Defense Forces, national first responders organizations and commercial companies.
Under the terms of the MOU, two shareholders will sell to Polyrizon approximately 20% of the outstanding share capital of Colugo on a fully-diluted basis. The aggregate purchase price for the Colugo shares is up to US $6,000,000, either in cash or through the issuance of Polyrizon shares, as shall be mutually agreed upon in the definitive agreement. Polyrizon's share price will be determined at the signing of the definitive agreement.
The closing of Polyrizion acquisition of the Colugo shares is expected to occur promptly (and in any event within 7 days) following satisfaction of the conditions set forth in the MOU, including execution of a definitive agreement, required corporate approvals of both companies, and waiver or exercise of any right of first refusal or co-Sale rights of certain Colugo shareholders. The MOU will terminates upon the earlier of written notice of termination by either party or September 30, 2026, if the transaction has not closed by such date.
About Polyrizon
Polyrizon is a development stage biotech company specializing in the development of innovative medical device hydrogels delivered in the form of nasal sprays, which form a thin hydrogel-based shield containment barrier in the nasal cavity that can provide a barrier against viruses and allergens from contacting the nasal epithelial tissue. Polyrizon's proprietary Capture and Contain TM, or C&C, hydrogel technology, comprised of a mixture of naturally occurring building blocks, is delivered in the form of nasal sprays, and potentially functions as a "biological mask" with a thin shield containment barrier in the nasal cavity. Polyrizon are further developing certain aspects of our C&C hydrogel technology such as the bioadhesion and prolonged retention at the nasal deposition site for intranasal delivery of drugs. Polyrizon refers to its additional technology, which is in an earlier stage of pre-clinical development, that is focused on nasal delivery of active pharmaceutical ingredients, or APIs, as Trap and Target ™, or T&T. For more information, please visit https://polyrizon-biotech.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses the final terms and signing of definitive agreements with shareholders of Colugo Systems Ltd., the timing and completion of the acquisition, and the satisfaction of closing conditions related to the acquisition. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company's reports filed from time to time with the Securities and Exchange Commission ("SEC"), including, but not limited to, the risks detailed in the Company's annual report filed with the SEC on March 11, 2025 and subsequent filings with the SEC. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Polyrizon is not responsible for the contents of third-party websites.
Contacts:
Michal Efraty
Investor Relations
[email protected]
