Business
Aditxt Signs Revenue-Sharing Agreement with Cellvera for up to $30M, and Hosts a Live Business Update Webinar on April 14th
RICHMOND, Va.--(BUSINESS WIRE)-- Aditxt, Inc. (“Aditxt”, or the “Company”) (Nasdaq: ADTX) has entered into a revenue-sharing agreement with Cellvera, and
About this update from Aditxt, Inc.
[{"type":"text","content":" RICHMOND, Va.--(BUSINESS WIRE)--\nAditxt, Inc. (“Aditxt”, or the “Company”) (Nasdaq: ADTX) has entered into a revenue-sharing agreement with Cellvera, and certain of its affiliates. The agreement is designed to drive strategic revenue and growth starting in 2022 and provide enhanced security for the Company’s $14.5 million loan, plus interest to Cellvera Global Holdings LLC (“Cellvera”), formerly AiPharma Global Holdings LLC. The Company has signed the agreement as consideration for Aditxt’s separate agreement to extend the term of the previously announced loan and forbearance agreements. Cellvera holds exclusive worldwide rights (except Japan) to a broad spectrum oral antiviral drug targeting COVID-19 and 11 other infectious diseases. Cellvera is focused on discovering, developing, and commercializing antimicrobial therapies across a broad spectrum of infectious diseases, including COVID-19.\n\n“Our potential acquisition of Cellvera will anchor Aditxt’s antimicrobial business segment,” said Amro Albanna, Aditxt’s Co-founder and Chief Executive Officer. “This agreement is an intermediate step in the acquisition process while we are proceeding with our due diligence for the overall transaction, and will be a key part of our revenue and growth strategy starting in 2022.”\n\nUnder the terms of the agreement, Aditxt will receive up to 10% of net sales of products and services collected by Cellvera and other loan parties up to a maximum of $30 million. Aditxt has agreed to apply approximately the first $14.5 million of the revenue share payments it receives from the loan parties as repayment of the loan, plus interest until Cellvera’s loan obligations are satisfied.\n\nIn addition, the loan’s security agreements have been enhanced to include all assets of Cellvera. Cellvera and Aditxt have also amended their previously announced Share Exchange Agreement to:\n\n\n\n(i)\n\n\n \n\nmodify the financial statements required to be delivered by Cellvera prior to the initial closing,\n\n\n\n\n\n(ii)\n\n\n \n\npermit the Company to amend its Certificate of Incorporation without the consent of Cellvera in order to effect a reverse stock split of the Company’s common stock, if necessary, in order to maintain its listing on the Nasdaq Capital Market, and\n\n\n\n\n\n(iii)\n\n\n \n\nmake certain other conforming changes related to the forbearance ...