Aditxt, Inc. (ADTX) has entered into a transaction agreement to reach a definitive agreement by the end of November 2021 to acquire a subsidiary of AiPharma Global Holdings LLC which is to own all of the assets of AiPharma Global. AiPharma Global holds rights to Avigan/Reeqonus/Qifenda and all formulations of favipiravir, a broad spectrum oral antiviral drug that targets COVID-19 and other infectious diseases.
Key terms of the deal include: an increase in the amount of permitted borrowings under
the secured loan from Aditxt to AiPharma Global by $8.5 million resulting in
total availability of $15 million, and Aditxt issuing such number of shares of common stock that yields 65% of the number of Aditxt's outstanding shares calculated as of September 30, 2021.
Aditxt believes the successful completion of the acquisition would accelerate its
commercialization plans in the infectious disease space and would uniquely position the company by combining it commercialized AditxtScore for COVID-19 test with an at-home treatment for the disease.
Shares of Aditxt were up 16% in pre-market trade on Tuesday.
For comments and feedback: editorial@rttnews.com