Business
Aditxt Completes Third Parent Equity Investment Under Amended and Restated Merger Agreement With Evofem
MOUNTAIN VIEW, Calif. & SAN DIEGO--(BUSINESS WIRE)-- Aditxt, Inc. (“Aditxt” ) (NASDAQ: ADTX), an innovation platform dedicated to accelerating promising
About this update from Aditxt, Inc.
[{"type":"text","content":" MOUNTAIN VIEW, Calif. & SAN DIEGO--(BUSINESS WIRE)--\nAditxt, Inc. (“Aditxt” ) (NASDAQ: ADTX), an innovation platform dedicated to accelerating promising health innovations, and Evofem Biosciences, Inc. (“Evofem”) (OTCQB: EVFM), a pioneer in women's health, today announced the completion of the Third Parent Equity Investment under the Amended and Restated Merger Agreement, as amended (the “Agreement”). This investment further strengthens the strategic and collaborative relationship between the two companies as they jointly seek to expand access to healthcare solutions for women globally.\n\nAditxt completed the Third Parent Equity Investment under the Agreement by purchasing 460 shares of Evofem Series F-1 Convertible Preferred Stock (“Evofem Preferred Stock”) for $460,000. The Company’s previous investments in Evofem total $1.72 million, in aggregate. Aditxt intends to complete the required Fourth Parent Equity Investment by purchasing an additional 2,280 shares of Evofem Preferred Stock for $2.28 million by October 31, 2024.\n\nFrom Evofem\n\nAs we advance towards completing this transaction, we believe that transitioning to the Aditxt ecosystem will enable us to more effectively execute our strategy to improve women’s lives through healthcare solutions that address their unmet and underserved needs. Facing numerous challenges, from financial difficulties to market barriers, we have persevered by making tough decisions, implementing cost-cutting measures, and through sheer tenacity.\n\nEvofem has transitioned from a single-product company to one with diversified offerings in prevention, treatment, and monitoring. Beginning with Phexxi® (lactic acid, citric acid and potassium bitartrate), our FDA-approved hormone-free contraceptive gel, we have expanded into treatment with the acquisition of SOLOSEC® (secnidazole) 2g oral granules, an FDA-approved single-dose oral antibiotic to treat bacterial vaginosis and trichomoniasis. Preparations are underway to re-launch SOLOSEC in the U.S. through our dedicated women’s health commercial team. In collaboration with Pearsanta, we are also preparing to launch the Mitomic® Endometriosis Test (MET™) in the U.S. in mid-2025. This non-invasive, blood-based diagnostic test uses a novel mitochondrial DNA biomarker to provide earlier and more accurate monitoring and diagnosis of endometriosis.\n...