The global EEG devices market was valued at
$1.06 billion in 2022 and is anticipated to expand at a CAGR of
10.2% from 2023 to 2030
Aditxt, Inc. (“Aditxt” or the “Company”) (NASDAQ: ADTX), a
company dedicated to discovering, developing, and deploying
promising health innovations, today announced the acquisition of a
portfolio of EEG brain monitoring technologies and devices formerly
owned by Brain Scientific, Inc. (“Brain Scientific”). The products
targeting the neurology monitoring market will be essential in
shaping its dynamic landscape for neurological care.
Proprietary Technologies
The asset portfolio includes 16 patents, with the flagship
products being a disposable NeuroCap™ and portable NeuroEEG™,
intended to enable neurologists to streamline their processes by
enhancing throughput, increasing patient comfort, and mitigating
contamination risks. These innovations are designed to provide
rapid access to precise EEG test results, optimizing efficiency and
allowing clinicians to concentrate on interpreting test readings
rather than laborious electrode placement.
Advancing Neurology: Pearsanta’s Expansion
As highlighted in the Grand View Research Report, the global
electroencephalography (EEG) devices market was valued at USD 1.06
billion in 2022 and is anticipated to expand at a CAGR of 10.2%
from 2023 to 2030. This anticipated surge in demand for advanced
neurological diagnostics and monitoring solutions underscores the
significance of Aditxt's strategic acquisition of these assets.
With this acquisition, Aditxt’s majority-owned subsidiary,
Pearsanta, Inc.'s (“Pearsanta”) capabilities will expand to
encompass a broader range of innovative solutions. These products
will enable Pearsanta to enter a new market, offering enhanced
neurological diagnostics and monitoring:
- Neurological devices arm clinicians with precision tools for
accurate diagnoses and treatment decisions, setting benchmarks for
reliability in neurology.
- Neurological monitoring solutions that enable real-time,
continuous brain activity tracking prove invaluable in critical
care settings where timely information can be lifesaving.
Ernie Lee, CEO of Pearsanta, remarked, "We recognize the immense
potential within neuro deficit disorders, diagnosis, and
monitoring. These assets enable us to venture into new markets and
enhance our diagnostics and monitoring capabilities. The demand for
innovative solutions is surging in a dynamically evolving
neurological landscape. With this portfolio of proprietary
technologies, we are well-prepared to meet that demand
head-on.”
Aditxt has established subsidiaries in various health sectors,
including autoimmunity, health by the numbers, population health,
prolonging life through transplantation, and with the anticipated
completion of the recently announced transaction with Evofem
Biosciences Inc., entry into the women’s health space.
Additionally, the recent acquisition of assets from MDNA Life
Sciences, Inc. and this transaction demonstrate Aditxt’s commitment
to accelerating subsidiary growth.
Amro Albanna, co-founder, chairman, and CEO of Aditxt, commented
on the announcement, “This transaction represents yet another
example of how Aditxt accelerates the growth of its subsidiaries
through innovation. Integrating these pioneering brain monitoring
technologies and devices into Pearsanta, will enable it to address
critical needs and expand its commercial opportunities
globally.”
Transaction Details:
Aditxt acquired the assets through an assignment to benefit
creditors from certain secured creditors of Brain Scientific. In
consideration for the assignment of the rights and obligations of
the secured creditors under an asset purchase and settlement
agreement, which was approved by the court in the assignment for
the benefit of creditors proceeding, Aditxt agreed to issue 6,000
shares of its newly designated Series B-1 Convertible Preferred
Stock with an aggregate stated value of $6 million to such secured
creditors. Before the closing of the acquisition, Aditxt also
entered into an exchange agreement with the holder of a secured
promissory note of Aditxt in the principal amount of $2.625
million, who was also one of the Brain Scientific creditors, under
which Aditxt issued 2,625 shares of its newly designated Series B-2
Convertible Preferred Stock with an aggregate stated value of
$2.625 million to such secured creditor in exchange for its secured
promissory note.
About Aditxt, Inc.
Aditxt is focused on discovering, developing, and deploying
promising health innovations. Aditxt’s diverse portfolio includes
Adimune™, Inc., developing a new class of therapeutics designed to
retrain 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., offering timely, convenient, and high-quality
personalized lab testing anytime and anywhere, backed by its
CLIA-certified and CAP-accredited monitoring center.
For more information see: www.aditxt.com
About Pearsanta, Inc.
Formed in January 2023, Aditxt’s majority-owned subsidiary,
Pearsanta, Inc., is responding to a growing demand for convenient,
rapid, personalized, and high-quality lab testing —anytime and
anywhere. The company specializes in biosample collection,
processing, and reporting to deliver actionable information to the
end user by utilizing collection devices, point-of-care (POC)
technologies, Lab Developed Test (LDT) assays, a data-driven
analysis engine, and telemedicine. The initial platform will be
available at home, in pharmacies, and in physician’s offices and
offer diagnostic testing for SARs-CoV-2, respiratory syncytial
virus (RSV) and influenza A/B, urinary tract infections (UTIs) and
sexually transmitted infections (STIs).
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 finance and 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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version on businesswire.com: https://www.businesswire.com/news/home/20240130901345/en/
Mary O’ Brien mobrien@aditxt.com (516) 753-9933
Aditxt (NASDAQ:ADTX)
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