MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Aditxt, Inc. (“Aditxt” or the “Company”) (NASDAQ: ADTX), a social innovation platform dedicated to accelerating promising health innovations, today announced a virtual fireside chat set for October 28, 2024, at 11:30 AM Eastern Time. The event will be hosted by Amro Albanna, Co-Founder and CEO of Aditxt, featuring Saundra Pelletier, CEO of Evofem Biosciences, Inc. (“Evofem”) (OTCQB: EVFM), and will be moderated by renowned physician and television personality Dr. Drew Pinsky.
This virtual fireside chat aims to provide an update on Aditxt’s acquisition of Evofem, outline post-acquisition plans, and discuss why Aditxt’s approach to accelerating innovations enables its programs to meet unmet health needs. During the session, Albanna and Pelletier will explore the potential to enhance the strategic vision for Evofem post-acquisition and how Aditxt’s support strategic, operational, and financial contributions, which seek to put Evofem in a position to achieve its goals.
Under Pelletier's leadership, Evofem is at the forefront of addressing these issues by advancing pioneering solutions like Phexxi® (lactic acid, citric acid and potassium bitartrate) —the only FDA-approved, hormone-free, on-demand contraceptive vaginal gel. The fireside chat will highlight the support of the Aditxt platform and Evofem's evolution into a multi-product women’s health franchise focusing on prevention, treatment, and monitoring. A key milestone in this journey has been Evofem’s acquisition of the global rights to Solosec® (secnidazole), an FDA-approved medication for treating trichomoniasis and bacterial vaginosis. The Evofem commercial team is preparing for the U.S. market re-launch of Solosec®, seeking to position it as a cornerstone in its treatment portfolio.
Additionally, the collaboration between Aditxt’s subsidiary, Pearsanta, Inc. (“Pearsanta”) and Evofem to launch the Mitomic Endometriosis Test (MET™) would be a significant step in establishing Evofem’s diagnostic and monitoring capabilities. Targeting a U.S. launch in mid-2025, this non-invasive test utilizes cutting-edge biomarkers and has the potential to transform the management of endometriosis. With an estimated one in ten women globally affected by endometriosis, MET™ introduces a potentially ground-breaking approach to non-invasive diagnostics by leveraging a specific deletion in mitochondrial DNA for detection. This innovative method could potentially represent a significant advancement in tackling one of the most prevalent and often overlooked challenges in women's health, with the goal of setting a new standard for care and potentially improving the quality of life for millions of women.
Building on its current momentum, Evofem is seeking to advance the rollout of next-generation products, each carefully designed to close the existing gaps in women's health care and improve outcomes across diverse life stages.
Participants are encouraged to engage directly with our panel by submitting questions via text or video by October 25, 2024, at 5:00 PM ET to engagement@aditxt.com. Registration details are available here.
The Company estimates it will require approximately $19.3 million in cash to fund its proposed acquisition of Evofem, inclusive of the $1.8 million cash consideration for the merger and Aditxt's obligation to purchase an additional $2.28 million in Evofem Series F-1 Convertible Preferred Stock by October 31, 2024. An additional $15.2 million is required to satisfy Evofem’s Senior Secured Note in conjunction with the closing.
About Aditxt, Inc.
Aditxt, Inc.® is an innovation platform dedicated to accelerating promising health innovations. Aditxt’s ecosystem of research institutions, industry partners, and shareholders collaboratively drives their mission to "Make Promising Innovations Possible Together." The innovation platform is the cornerstone of Aditxt’s strategy, where multiple disciplines drive disruptive growth and address significant societal challenges. Aditxt operates a unique model that democratizes innovation, ensures every stakeholder’s voice is heard and valued and empowers collective progress.
Aditxt currently operates two programs focused on immune health and precision health. The Company plans to introduce two additional programs dedicated to public health and women’s health. For these, Aditxt has entered into an Arrangement Agreement with Appili Therapeutics, Inc. (“Appili”) (TSX: APLI; OTCPink: APLIF), which focuses on infectious diseases, and a Merger Agreement with Evofem Biosciences, Inc. (OTCQB: EVFM). Each program will be designed to function autonomously while collectively advancing Aditxt’s mission of discovering, developing, and deploying innovative health solutions to tackle some of the most urgent health challenges. The closing of each of the transactions with Appili and Evofem is subject to several conditions, including but not limited to approval of the transactions by the respective target shareholders and Aditxt raising sufficient capital to fund its obligations at closing. No assurance can be provided that all of the conditions to closing will be obtained or satisfied or that either of the transactions will ultimately close.
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Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements include statements regarding the Company’s intentions, beliefs, projections, outlook, analyses, or current expectations concerning, among other things, the Company’s ongoing and planned product and business development; the Company’s ability to finance and execute its strategic M&A initiatives; the Company’s ability to obtain the necessary funding and partner to commence clinical trials; the Company’s intellectual property position; the Company’s ability to develop commercial functions; expectations regarding product launch and revenue; the Company’s results of operations, cash needs, spending, financial condition, liquidity, prospects, growth, and strategies; the Company’s ability to raise additional capital; the industry in which the Company operates; and the trends that may affect the industry or the Company. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, as well as market and other conditions and those risks more fully discussed in the section titled “Risk Factors” in Aditxt’s most recent Annual Report on Form 10-K, as well as discussions of potential risks, uncertainties, and other important factors in the Company’s other filings with the Securities and Exchange Commission. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.