Aditxt provides update on plans for 2024 year-end, accessing strategic capital

Aditxt, provided an update on its plans for 2024 year-end.Aditxt’s two acquisition targets, Evofem Biosciences, (EVFM) and Appili Therapeutics ( APLIF), have reported revenue of $7.8 M for the six months ended June 30, 2024. Appili has received approximately $6M of the total $14M to date in a non-dilutive funding commitment from the DoD. These funds, along with other potential funding sources, are anticipated to continue advancing the ATI-1701 program toward an Investigational New Drug IND submission to the U.S. Food and Drug Administration FDA in 2025. The Company estimates it will require approximately $4 million in cash to fund its proposed acquisition of Evofem inclusive of the $1.8 million purchase of Common Shares, and Aditxt’s obligation to purchase an additional $2.28 million in Evofem Series F-1 Convertible Preferred Stock by October 31, 2024. …This shelf registration statement covers the sale of up to $100 million in securities. …The Company also filed a resale registration statement covering the shares issuable under the Company’s Equity Line of Credit…The Company is making concerted efforts to clean up its balance sheet and capitalization table. As of the date hereof, the Company also has approximately $19 million in accounts payable and accrued expenses and approximately $7.8 million is owed to secured creditors….”The closing of the two target acquisitions, maintaining our Nasdaq listing and accessing strategic capital, and reduction of debt and accounts payable, are key to our future plans,” said Amro Albanna, Chairman, Co-Founder, and CEO of Aditxt. “We understand the many challenges that lie ahead but believe that through our current efforts Aditxt will be well-positioned to meet transformational milestones in 2025 that will deliver value to our shareholders and stakeholders.”