Aditxt, Inc. (ADTX) experiences an increase of 4.97% in the premarket today. However, the last trading session closed at $1.81 with an incline of 1.69%.
AiPharma Signs Binding Agreement
ADTX announced on 5th October 2021 that it has reached a deal with Aditxt Inc. to sell all of its assets through the sale of one of its fully owned group subsidiaries. Aditxt is a biotech startup whose goal is to boost immune system wellness. AiPharma is a biopharmaceutical firm with exclusive worldwide rights to Avigan/Reeqonus/Qifenda and all formulations of favipiravir.
The binding agreement comes after ADTX announced its intention to buy AiPharma on August 25, 2021. And ADTX funded a bridging loan to AiPharma, a crucial term toward the acquisition’s completion, subject to certain closing conditions. Aditxt will create a new business division focusing on the prevention, treatment, and monitoring of infectious illnesses.
ADTX Signs a Transaction Agreement to Acquire AiPharma
On 5th October 2021, ADTX announced that it has managed to enter into a transaction agreement with AiPharma Global Holdings. AiPharma Global is a company focused on discovering, developing, and commercialising antiviral therapies. AiPharma Global is a biopharmaceutical firm that has exclusive rights to Avigan/Reeqonus/Qifenda and all formulations of favipiravir, a broad range oral antiviral medication that targets COVID-19 and other infectious illnesses, either directly or through its affiliates globally (except Japan).
The merger follows Aditxt’s previous statement that it would purchase the firm, as well as Aditxt’s financing of a $6.5 million bridging loan to AiPharma Global. If the deal goes through, ADTX will have a new business sector dedicated to the monitoring and treatment of infectious illnesses. The agreement includes an increase of $8.5 million in the number of permitted borrowings under the personal loan from Aditxt to AiPharma Global, resulting in complete accessibility of $15 million, as well as ADTX authorising a number of shares of common stock that generates 65 percent of ADTX’s outstanding shares determined as of September 30, 2021, to be approved only upon ending of the transaction.
New Appointments in ADTX company
ADTX announced about the new appointments in the company on 27th September 2021. Corinne Pankovcin, Aditxt’s CFO, is the new President and therefore will work very closely with Amro Albanna, the company’s CEO. Thomas J. Farley, who previously served as Aditxt’s Controller and Principal Accounting Officer, is the new CFO.
Ms. Pankovcin, in collaboration with the ADTX’s CEO and senior team, has successfully managed the Company’s development since it went public on Nasdaq. She formerly worked as the CFO and Treasurer of companies such as Business Development Corporation of America. Moreover, Mr. Farley worked closely with Ms. Pankovcin on all areas of public company administration and SEC reporting while serving as Controller. Lastly, Mr. Farley served as Senior Controller and Treasurer of Business Development Corporation of America.