Aditxt’s Board of Directors Unanimously Approve Positioning Pearsanta for IPO to Support Global Launch of its Early Cancer Detection Platform
January 13 2025 - 7:15AM
Business Wire
Aditxt, Inc. (NASDAQ: ADTX) (“Aditxt” or the “Company”), a
social innovation platform dedicated to accelerating promising
health innovations, is pleased to announce that its Board of
Directors has authorized management to explore taking its
subsidiary, Pearsanta, Inc. (“Pearsanta”), public via a proposed
initial public offering (“IPO”) in 2025. This decision aligns with
Aditxt's mission to secure and develop transformative health
innovations, positioning them for accelerated growth and broader
market impact.
Pearsanta, a precision diagnostic company, has advanced its
development and operational capabilities, particularly in early
cancer detection, by leveraging its proprietary Mitomic® Technology
platform. The proposed Pearsanta IPO is intended to provide
critical resources to accelerate Pearsanta’s growth and expand its
market presence.
“Cancer remains to be one of humanities biggest health
challenges. Pearsanta’s launch of its Mitomic® Technology platform
for the early detection of cancer, reflects our commitment to
identifying, developing and accelerating some of the most promising
health innovations,” said Amro Albanna, Co-Founder, Chairman, and
CEO of Aditxt. “The Board’s authorization to explore this path is a
key first step in positioning Pearsanta for a successful global
launch.”
“The proposed IPO marks a transformative moment for Pearsanta as
we seek to bring our groundbreaking Mitomic® Technology platform to
the global stage. We believe this milestone will enable us to
accelerate the commercialization of our early cancer detection
solutions, empowering clinicians with tools for earlier and more
accurate diagnoses,” said Chris Mitton, President of Pearsanta.
“Our focus remains on addressing critical unmet needs in
healthcare, and this step is intended to position us to make a
meaningful impact in the fight against cancer worldwide.”
About Aditxt
Aditxt, Inc.® is a social innovation platform dedicated to
accelerating promising health innovations. Aditxt’s ecosystem of
research institutions, industry partners, and shareholders
collaboratively drives their mission to "Make Promising Innovations
Possible Together." The innovation platform is the cornerstone of
Aditxt’s strategy, where multiple disciplines drive disruptive
growth and address significant societal challenges. Aditxt operates
a unique model that democratizes innovation, ensures every
stakeholder’s voice is heard and valued, and empowers collective
progress.
Aditxt currently operates two programs focused on immune health
and precision health. The Company plans to introduce two additional
programs dedicated to public health and women’s health. For these,
Aditxt has entered into an Arrangement Agreement with Appili
Therapeutics, Inc. ("Appili") (TSX: APLI; OTCPink: APLIF), which
focuses on infectious diseases, and a Merger Agreement with Evofem
Biosciences, Inc. ("Evofem") (OTCQB: EVFM). Each program will be
designed to function autonomously while collectively advancing
Aditxt’s mission of discovering, developing, and deploying
innovative health solutions to tackle some of the most urgent
health challenges. The closing of each of the transactions with
Appili and Evofem is subject to several conditions, including but
not limited to approval of the transactions by the respective
target shareholders and Aditxt raising sufficient capital to fund
its obligations at closing. These obligations include cash payments
of approximately $17 million for Appili and $17 million for Evofem,
which includes approximately $15.2 million required to satisfy
Evofem's senior secured noteholder; should Aditxt fail to secure
these funds, Evofem's senior secured noteholder is expected to seek
to prevent the closing of the merger with Evofem. On December 23,
2024, Evofem announced the cancellation of its special stockholders
meeting and the withdrawal of the merger proposal with Aditxt from
consideration by the stockholders. No assurance can be provided
that all of the conditions to closing will be obtained or satisfied
or that either of the transactions will ultimately close.
For more information, www.aditxt.com.
About Pearsanta
Pearsanta is at the forefront of precision health, focusing on
early cancer detection through advanced diagnostic technologies.
Its proprietary Mitomic Technology Platform leverages the unique
properties of mitochondrial DNA to detect cancer and other diseases
with high accuracy via non-invasive, blood-based liquid biopsy
tests. Pearsanta's asset portfolio also includes a range of other
innovative diagnostic technologies, all aimed at transforming early
disease detection and monitoring, enabling more informed treatment
decisions, and ultimately improving patient outcomes.
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 its strategic M&A
initiatives; the Company’s ability to 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; expected usage of
the Company’s ELOC and ATM facilities; 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 Aditxt’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/20250113994472/en/
Aditxt, Inc. Corporate
Communications Jeff Ramson, PCG Advisory, Inc. T: 646-863-6893
contactus@aditxt.com
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