Business
Aditxt, Inc. Signs Non-Binding Letter of Intent to Acquire Point-of-Care Diagnostic Technology Development Company
The target holds an exclusive license in U.S. & Canada for at-home and in-office rapid antigen COVID-19 test EUA application for the COVID-19 rapid antigen
About this update from Aditxt, Inc.
[{"type":"text","content":"\nThe target holds an exclusive license in U.S. & Canada for at-home and in-office rapid antigen COVID-19 test\n\nEUA application for the COVID-19 rapid antigen test was submitted in September 2021\n\nTarget acquisition has a range of rapid Point-of-Care diagnostics within their portfolio, including tests for celiac, and ovarian and prostate cancer\n\n RICHMOND, Va.--(BUSINESS WIRE)--\nAditxt, Inc. (“Aditxt” or the “Company”) (Nasdaq: ADTX), a biotech innovation company with a mission to improve the health of the immune system, today announced it had signed a non-binding letter of intent (“LOI”) to acquire a company focused on developing Point-of-Care diagnostics for early detection of diseases including cancers and SARS-CoV-2 (COVID-19) through a range of non-invasive and affordable point of care and at-home/in-office test kits.\n\nKey strategic benefits of the proposed acquisition to Aditxt include:\n\n\nExtending AditxtScore’s™ portfolio to include at-home/in-office COVID-19 rapid antigen test kits complimenting the AditxtScore™ for COVID-19, and other proprietary tests targeting Celiac, H. Pylori, and cancers including ovarian and prostate.\n\n\nOffering multiple growth opportunities focusing on the early detection of diseases.\n\n\nAccess to global scale manufacturing, and clinical capabilities to support AditxtScore’s commercialization efforts.\n\n\nExperienced senior management team; the current team has deep sectoral knowledge and is expected to join to support AditxtScore’s next growth phase.\n\n\n“The potential acquisition is complementary to AditxtScore technologically and commercially, and is one of the main components to executing our growth plans in 2022,” said Amro Albanna, Co-Founder and CEO of Aditxt. “We believe that Point-of-Care rapid testing combined with our current capabilities is key to driving the transformation from reactive care to precision-driven, proactive care delivery.”\n\nThe LOI is non-binding, and the closing of the transaction contemplated thereby is subject to the satisfaction of numerous conditions, including satisfactory due diligence, the negotiation, and execution of binding definitive agreements. The parties have agreed to an exclusivity period until January 31, 2022, to reach the definitive agreement. In connection with the Letter of Intent, the Company entered into a secured credit agr...