Aditxt Inc. (Nasdaq: ADTX) Provides Corporate Highlights Post Reverse Stock Split and Closing of $20M Public Offering
September 27 2022 - 8:00AM
Business Wire
Aditxt, Inc. (Nasdaq: ADTX) (“Aditxt” or the “Company”), a
biotech innovation company developing and commercializing
technologies focused on monitoring and modulating the immune
system, today provides shareholders with a corporate update
following the completion of a reverse stock split and closing of a
previously announced $20 million public offering.
“Aditxt’s key to success is multifaceted and tied to the success
of each of the Company’s programs, which currently include
AditxtScore™, Adimune™ and Adivir™. The successful completion of
the reverse stock split and the closing of our public offering were
critical to continuing the progress within each of these programs
toward commercialization, and as we work toward regaining
compliance with Nasdaq’s continued listing requirements,” said Amro
Albanna, co-founder, chairman and CEO of Aditxt. “We are extremely
encouraged by the support and adoption our technologies are
receiving in various healthcare sectors as we track toward key
inflection points in 2023.”
Since the Company’s initial public offering on July 2, 2020, we
believe that Aditxt has become well positioned to address some of
the most challenging immune-related diseases. The Company is
developing technologies specifically aimed at improving the health
of the immune system through immune modulation and monitoring.
Aditxt’s Innovation Portfolio includes:
- AditxtScore™ is a high precision platform that enables a
comprehensive, individualized immune profile for a variety of
disease states impacting an individual’s immune system and overall
health. It can be informative for measuring and monitoring
individual immune responses to viruses, bacterial antigens,
peptides, drugs, bone marrow and solid organ transplants, and
cancer. The technology can assist physicians and patients manage
“health by the numbers” through quantifying immune responses
specific to the individual’s unique biology and risk profile.
Aditxt’s first application, AditxtScore™ for COVID-19, is a
multiplexed assay that we believe holds great clinical utility in
helping determine optimal timing for vaccines and boosters based on
objective data. This is particularly important as immunity from
previous infection, vaccines, and/or boosters begins to wane and a
potential new wave of variants approaches. AditxtScore™ for
COVID-19 is gaining adoption through various channels, including
physician markets, referring labs, long-term care facilities, and
employers. AditxtScore™ began realizing revenue in Q4, 2021, and
continues to deliver revenue growth quarter-over-quarter.
AditxtScore™ is receiving reimbursement from Medicare, commercial
payors and cash channels. AditxtScore™ has a robust pipeline of key
innovations that it is planning to launch, including a general
immune and long COVID blood panel. AditxtScore™ is also actively
exploring point-of-care opportunities with independent and big box
pharmacies.
- Adimune™ is an Aditxt program with the mandate to
develop Aditxt’s immune modulation therapeutic portfolio.
Adimune’s™ nucleic acid-based technology, called Apoptotic DNA
Immunotherapy™ (“ADi™”), is unique in that it is designed to mimic
the body’s natural mechanism to maintain immune tolerance, thereby
restoring immune health in autoimmune disease and inducing
tolerance in organ transplantation. Our pre-clinical experiments
have demonstrated that there is no immunosuppression involved, and
the ability to fight infection and tumor is not impaired. Safety
and tolerability have been shown in the toxicology study, the
completion of which has been reported recently, demonstrating no
adverse effects. Adimune™ is now initiating GMP manufacturing and
product stability studies to complete the pre-clinical program. The
Clinical Trial Application (CTA) will be submitted in Q1 2023, with
the aim to start clinical studies for Psoriasis in Q3 2023.
Adimune™ will be developing ADi™ products for organ transplantation
including skin allografting, autoimmune diseases with the initial
focus on psoriasis and Type I Diabetes. We believe the ADi™
technology platform can be engineered to address a wide variety of
indications.
- Adivir™ is Aditxt’s Antiviral program representing a $30
million revenue sharing agreement signed in April 2022 with
Cellvera, a commercial-stage biopharmaceutical company, for its
antiviral therapeutics’ agent, “Favipiravir.” Under terms of the
agreement, Aditxt will receive up to 10% of net sales of products
and services collected by Cellvera up to a maximum of $30 million.
The agreement with Cellvera is designed to drive strategic revenue
and growth and provide enhanced security for Aditxt’s $14.5 million
loan to Cellvera.
As a result of the reverse stock split, and shortly after the
public offering the Company’s capital structure is well positioned
to execute its plans. Following the completion of the reverse split
and public offering, Aditxt has 3,708,647 shares outstanding and
100,000,000 shares authorized, as of September 23, 2022.
About Aditxt Inc.
Aditxt is a biotech innovation company developing and
commercializing technologies focused on monitoring and modulating
the immune system. Aditxt’s immune monitoring technologies are
designed to provide a personalized immune profile. Aditxt’s immune
modulating technologies, currently preclinical, are being developed
to retrain the immune system to induce tolerance to address
rejection of transplanted organs, autoimmune diseases and
allergies.
For more information, please visit: www.Aditxt.com and
www.AditxtScore.com
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 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 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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Media and Investor Relations Contact: ir@aditxt.com
www.aditxt.com
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