Aditxt Inc. (NASDAQ: ADTX) has signed a letter of intent to purchase a biopharmaceutical firm, the “Target Company,” which is marketing coronavirus antiviral oral treatment. Currently, the Target Company offers its products under the compassionate and emergency use standard of care with full approval in several countries globally outside the US and Canada.
Aditxt to close the deal at the end of September
The purchase is contingent on a number of factors, including sufficient due diligence, the negotiations, and the signing of definitive agreements, among other closing requirements, such as shareholder and board approval, as well as Nasdaq approval of the proposed transaction’s listing of shares. To settle the definitive agreement, the parties agreed to an exclusivity duration till September 30, 2021. Nonetheless, there is no guarantee that the parties will reach a definitive agreement or they will complete the proposed acquisition in any manner.
As stated in the LOI, the proposed transaction’s key terms include Aditxt completing a planned $6.5 million secured loan to the Target Company by the end of August and Aditxt issuing a number of shares of common stock yielding 50% of Aditxt’s outstanding shares after the transaction closes.
Aditxt CEO and co-founder Amro Albanna said, “We have been eager to grow the global footprint of Aditxt’s immune therapeutic and monitoring platforms. We are also excited about this potential transaction, which, if completed, would be a complementary strategic fit with our company.”
Aditxt developing immune reprogramming tech
Aditxt is working on technologies aimed at boosting the immune system’s health through immunological surveillance and reprogramming. The immune monitoring technology developed by Aditxt is intended to provide a thorough immune system profile that is tailored to the individual. The company’s immune reprogramming technology is now in preclinical testing. It is intended to retrain the immune system to induce tolerance with the goal of treating autoimmune illnesses, transplant organ rejection, and allergies.