New York, October 03, 2024 - PRISM MarketView - Today Aditxt Inc. (ADTX) an innovation platform anchored in accelerating promising health innovations, provided a shareholder update and its 2024 year-end plan. In the report the company highlighted progress from both of its acquisition targets. Evofem (EVFM) reported revenue of $7.8M for the six months ended June 30, 2024 and Appili (APLIF) has received approximately $6M of the total $14M to date in a non-dilutive funding commitment from DoD. The funds combined with additional funding sources are expected to continue advancing the ATI-1701 program toward an Investigational New Drug (IND) submission to the U.S. Food and Drug Administration (FDA) in 2025.
Aditxt already has two subsidiaries in immune health and precision diagnostics. The proposed acquisitions of Evofem and Appili would further extend Aditxt’s presence into women’s health and public health. The company expects these acquisitions to require an estimated $21M in cash to fund. Closings of these transactions are subject to conditions.
Additionally, the company is working diligently to maintain its Nasdaq listing by securing sufficient capital to fund its existing operations and obligations and supporting its planned strategic growth initiatives. To do this, Aditxt has filed a shelf registration statement on Form S-3, which has been declared effective by the U.S. Securities and Exchange Commission (SEC) in addition to a resale registration statement for Equity Line of Credit. Additionally, in its best efforts to regain compliance with Nasdaq’s minimum bid price requirement, Aditxt effected a 1-for-40 reverse split of its common stock. Aditxt also remains focused on cleaning up its balance sheet and has entered an agreement to pay down its accounts payable and accrued expenses.
“The closing of the two target acquisitions, maintaining our Nasdaq listing and accessing strategic capital, and reduction of debt and accounts payable, are key to our future plans. We understand the many challenges that lie ahead but believe that through our current efforts Aditxt will be well-positioned to meet transformational milestones in 2025 that will deliver value to our shareholders and stakeholders.”
Amro Albanna, Chairman, Co-Founder, and CEO
About Aditxt, Inc.
Aditxt, Inc.® is an innovation platform dedicated to accelerating promising health innovations. Aditxt’s ecosystem of research institutions, industry partners, and shareholders collaboratively drives their mission to “Make Promising Innovations Possible Together.” The innovation platform is the cornerstone of Aditxt’s strategy, where multiple disciplines drive disruptive growth and address significant societal challenges. Aditxt operates a unique model that democratizes innovation, ensures every stakeholder’s voice is heard and valued, and empowers collective progress.
Aditxt currently operates two programs focused on immune health and precision health. The Company plans to introduce two additional programs dedicated to public health and women’s health. For these, Aditxt has entered into an Arrangement Agreement with Appili Therapeutics, Inc. (“Appili”) (TSX: APLI; OTCPink: APLIF), which focuses on infectious diseases, and a Merger Agreement with Evofem Biosciences, Inc. (OTCQB: EVFM). Each program will be designed to function autonomously while collectively advancing Aditxt’s mission of discovering, developing, and deploying innovative health solutions to tackle some of the most urgent health challenges. The closing of each of the transactions with Appili and Evofem is subject to several conditions, including but not limited to approval of the transactions by the respective target shareholders and Aditxt raising sufficient capital to fund its obligations at closing. No assurance can be provided that all of the conditions to closing will be obtained or satisfied or that either of the transactions will ultimately close.
For more information, www.aditxt.com.
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