Benzinga | Aug 25, 2021 09:16AM EDT

Aditxt Signs Letter Of Intent For Exclusive Rights To Negotiate Acquisition Of Biopharmaceutical Company Commercializing And Distributing Antiviral Oral Therapy For COVID-19

Aditxt, Inc. (NASDAQ:ADTX), a biotech innovation company with a mission to improve the health of the immune system, today announced that it has signed a letter of intent ("the LOI") to acquire a biopharmaceutical company, the "Target Company", commercializing COVID-19 antiviral oral therapy. The Target Company is currently selling its products under emergency and compassionate use, standard of care, and full approval in multiple countries internationally outside of the U.S. and Canada.

The acquisition is subject to the satisfaction of numerous conditions, including satisfactory due diligence, the negotiation and execution of definitive agreements and other closing conditions, including board and shareholder approval and approval by Nasdaq of the listing of shares proposed to be issued in the transaction. The parties have agreed to an exclusivity period until September 30, 2021, with a view to settling the definitive agreement. However, there can be no assurance that a definitive agreement will be entered into or that the proposed acquisition will be completed as proposed or at all.

Key terms of the proposed transaction as stated in the LOI include: the completion of a proposed $6.5M secured loan from Aditxt to the Target Company by August 31, 2021, as well as Aditxt issuing such number of shares of common stock that yields 50% of the number of Aditxt's outstanding shares post-closing of the transaction.

"We have been eager to grow the global footprint of Aditxt's immune therapeutic and monitoring platforms," said Amro Albanna, Co-founder and Chief Executive Officer of Aditxt. "We are also excited about this potential transaction, which, if completed, would be a complementary strategic fit with our company."