Aditxt Stock Rises After Acquisition Announcement
Oct 5, 2021 By MarketDepth
Aditxt, Inc. (NASDAQ: ADTX) stock jumped more than 20% after the biotech company nnounced it has entered into a transaction agreement to reach a definitive agreement by the end of November 2021 to acquire a subsidiary (“AiPharma”) of AiPharma Global Holdings LLC (“AiPharma Global”) which is to own all of the assets of AiPharma Global, a company focused on discovering, developing and commercializing antiviral therapies across a broad spectrum of infectious diseases.
Antiviral Covid-19 Drug
AiPharma Global is a biopharmaceutical company that holds directly, or through its affiliates worldwide (excluding Japan), exclusive rights to Avigan/Reeqonus/Qifenda and all formulations of favipiravir, a broad spectrum oral antiviral drug that targets COVID-19 and other infectious diseases. The binding agreement follows Aditxt’s prior announcement on August 25, 2021 to acquire the company and Aditxt’s funding of a bridge loan to AiPharma Global in the amount of $6.5 million.
“The successful completion of this acquisition would accelerate our commercialization plans in the infectious disease space and would uniquely position Aditxt by combining our commercialized AditxtScore™ for COVID-19 test with an at-home treatment for the disease. While initially targeting COVID-19, our combined clinical and commercial platform would potentially address unmet needs in other viral indications. We look forward to partnering with the team at AiPharma and its consortium members.”Aditxt Co-Founder and CEO Amro Albanna
Aditxt develops technologies focuses on improving the health of the immune system through immune reprogramming and monitoring. It develops AditxtScore that allows individuals to understand, manage, and monitor their immune profiles in order to be informed about attacks on or by their immune system; and Apoptotic DNA Immunotherapy, a nucleic acid-based technology that utilizes an approach that mimics the way the body naturally induces tolerance to its own tissues.
1.5 Million People Treated
Dr. Alessandro Gadotti, CEO of AiPharma Group, commented, “We believe that the combination of Aditxt and AiPharma is uniquely positioned to address the key topics of the COVID-19 pandemic, starting from monitoring of immune status and outpatient treatment for the illness. In excess of 1.5 million patients have been treated with our antiviral tablets. The strength of oral antiviral treatments such as Avigan/Reeqonus in real terms is that they fight COVID-19 in the community and not in hospitals – which can significantly reduce pressures on healthcare systems. Our joint product portfolio puts us on the front line in the fight against COVID-19 and future pandemic preparedness.”