Aditxt Issues Shareholder Update
April 17 2023 - 7:00AM
Business Wire
Aditxt,® Inc, (NASDAQ: ADTX) (“Aditxt” or the “Company”), a
global innovation company focused on therapeutics and technologies
that monitor and modulate the immune system, is pleased to provide
an important update regarding its three innovation programs and
strategic M&A initiatives.
PEARSANTA, INC.™ (IMMUNE MONITORING)
Aditxt’s Pearsanta Designated as the Backup Bidder in Lucira
Chapter 11 Auction
- On April 3, 2023, Aditxt subsidiary, Pearsanta, Inc.
(“Pearsanta”) submitted a bid to acquire substantially all of
Lucira Health Inc.’s (“Lucira”) assets, which included Lucira
Connect and FDA-approved at-home combination COVID-19 and flu
tests. At the bankruptcy auction, which was held on April 6, 2023,
Pearsanta was chosen as the backup bidder.
- On April 11, 2023, Aditxt filed an objection to the sale of the
assets of Lucira to the winning bidder, raising issues as to the
fairness and the good faith of Lucira, as well as questioning value
maximization for creditors. However, Pearsanta was ultimately
designated as the backup bidder.
Takeaway:
“The interest in the Lucira assets at auction shows the sheer
value of the test-to-treat model,” said Amro Albanna, co-founder,
chairman and CEO of Aditxt and current acting CEO of Pearsanta.
“Adixt’s mission is to advance innovations that allow people to
make better, smarter, more informed decisions about their health
based on more insightful data. The technology that we’ve already
invested in—along with the therapeutics in our portfolio—mirror our
mission of innovation built by the people and for the people.”
What’s next:
- In the coming months, Pearsanta will continue to seek to expand
its product pipeline, research and development, and have wider
commercial reach with patients and at point-of-care to support test
to treat.
- Pearsanta will seek to acquire a full-service laboratory.
ADIVIR, INC.™ (THERAPEUTICS)
Adivir, Inc. is Formed as a Wholly Owned Subsidiary to Expand
into Broad-Spectrum Antiviral Market
Discussions continue with biopharmaceutical company Cellvera to
acquire certain of its assets.
- In April 2023, the Company formed a wholly owned subsidiary,
Adivir, Inc., which will focus on the Company’s therapeutics and
antimicrobial program. In December 2021, the Company entered into
Share Exchange Agreement with Cellvera Global Holdings, LLC
(“Cellvera”) f/k/a AiPharma Global Holdings, LLC, pursuant to which
the Company agreed to acquire Cellvera. Cellvera is focused on
discovering, developing, and commercializing antimicrobial
therapies across a broad spectrum of infectious diseases, and holds
exclusive rights to a broad spectrum oral antiviral drug targeting
various infectious diseases in certain parts of the world.
- The Company continues to evaluate a potential transaction with
Cellvera, which may involve the acquisition of certain limited
assets from Cellvera that the Company believes will be
complementary to its current programs.
Takeaway:
“We believe that this proposed transaction with Cellvera will
promote the Company’s mission in developing innovative therapies
for infectious diseases,” said Albanna. “Avigan® is an attractive
candidate for the treatment of a wide range of viral infections
that today plague people the world over.”
What’s next:
- The completion of one or more of these transactions remains
subject to the satisfactory completion of due diligence, securing
of necessary financing, and entry into definitive agreements based
upon agreed terms and other closing conditions, including
regulatory and board approvals. There is no assurance that the
Company will be successful in consummating such transactions.
ADIMUNE, INC.™ (Immune Modulation Program)
Adimune Continues to Move Forward with Human Clinical Trials
in Germany.
Currently working toward adding Human Trials in the U.S. as
early as Q4 2023
- Initial studies in Germany will focus on psoriasis.
- Adimune’s immune modulation technologies are designed to
retrain the immune system to induce tolerance with an objective of
addressing rejection of transplanted organs, autoimmune disease and
allergies.
- GMP manufacturing of clinical grade drug substances (DNA
plasmids) is complete and GMP formulation of clinical grade
ADI™-100, to be used for the first-in-human studies in subjects
with psoriatic lesions, has been initiated.
- The manufacturing program includes required stability studies
of the GMP material for submission with the clinical trial
application (CTA). Stability data will be gathered while the
clinical trials are ongoing and up to 24 months.
- Aditxt has also completed the in-life portion of the toxicology
studies. Safety data is recorded and Aditxt is now awaiting
immunotoxicology data. Upon completion of GMP manufacturing and
toxicology studies, the Company intends to submit a CTA in Q2 2023
to finalize an agreement for Phase I/II first-in-human (FIH)
clinical trials in the U.S. for autoimmune CNS diseases.
Takeaway:
“Aditxt’s vision is dedicated to a new era of precision medicine
through individual immune monitoring and modulation,” Albanna
states. “We are laser-focused on advancing each of our innovation
programs toward commercialization. Adimune’s initiation of ADI-100
manufacturing is measurable progress of Adimune toward our 2023
strategic goals.”
What’s next:
The Company may engage in future acquisitions or strategic
transactions which may require additional financing or financial
commitments. As of December 31, 2022, the Company had cash of
approximately $2.8 million. The amount of capital that a company
such as ours is able to raise often depends on variables that are
beyond our control. As a result, we may not be able to secure
financing on terms attractive to us, or at all. If we are able to
consummate a financing arrangement, the amount raised may not be
sufficient to execute on one or more of the transactions that we
are pursuing or meet our future needs. If adequate funds are not
available on acceptable terms, or at all, our business, including
our results of operations, financial condition and our continued
viability will be materially adversely affected.
About Aditxt, Inc.
Aditxt, Inc.® (NASDAQ: ADTX) is a global innovation company
focused on therapeutics and technologies that monitor and modulate
the immune system. Headquartered in Richmond, Virginia, with
operations in Silicon Valley, California, and New York, New York.
Aditxt’s mission of “Making Promising Innovations Possible,
Together” is defined by our growing ecosystem of research
institutions, global industry partners and shareholders who inform
and inspire our mission. Aditxt’s diverse innovation portfolio
includes: Adimune, Inc.™, developing and designing a new class of
therapeutics for retraining the immune system to address organ
rejection, autoimmunity, and allergies; Adivir, Inc.™, focused on
identifying, developing and commercializing new ways to treat
infectious diseases; and Pearsanta, Inc.™, which offers
personalized immune monitoring for a wide range of health
conditions, including hereditary cancer, wounds and
cardiomyopathy.
For more information, visit the Company’s websites at
www.Aditxt.com, www.Adimune.com, www.Adivir.com and
www.Pearsanta.com. Follow us on LinkedIn for the latest company
news.
Forward-Looking Statements
Certain statements in this press release constitute
"forward-looking statements" within the meaning of federal
securities laws. Forward-looking statements include statements
regarding the Company's intentions, beliefs, projections, outlook,
analyses or current expectations concerning, among other things,
the Company's ongoing and planned product and business development;
the Company’s ability to execute on its strategic M&A
initiatives; the Company’s ability obtain the necessary funding and
partner to commence clinical trials; the Company's intellectual
property position; the Company's ability to develop commercial
functions; expectations regarding product launch and revenue; the
Company's results of operations, cash needs, spending, financial
condition, liquidity, prospects, growth and strategies; the
Company’s ability to raise additional capital; the industry in
which the Company operates; and the trends that may affect the
industry or the Company. Forward-looking statements are not
guarantees of future performance and actual results may differ
materially from those indicated by these forward-looking statements
as a result of various important factors, as well as market and
other conditions and those risks more fully discussed in the
section titled "Risk Factors" in the Company's most recent Annual
Report on Form 10-K, as well as discussions of potential risks,
uncertainties, and other important factors in the Company's other
filings with the Securities and Exchange Commission. All such
statements speak only as of the date made, and the Company
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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Investor relations and media contact: ir@aditxt.com
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