Full Press Release Details
Aditxt, Inc. Acquires
Proprietary Electroencephalography (EEG) Brain Monitoring Technologies and Devices, Including NeuroCap
for Telehealth and Tele-neurology Applications
The global EEG devices market was valued at
$1.06 billion in 2022 and is anticipated to expand at a CAGR of 10.2% from 2023 to 2030
Richmond, Va., January 29, 2024 -
Aditxt, Inc. ("Aditxt" or the "Company") (NASDAQ: ADTX), a company dedicated to discovering, developing, and deploying
promising health innovations, today announced the acquisition of a portfolio of EEG brain monitoring technologies and devices formerly
owned by Brain Scientific, Inc. ("Brain Scientific"). The products targeting the neurology monitoring market will be essential
in shaping its dynamic landscape for neurological care.
Proprietary Technologies
The asset portfolio includes 16 patents, with
the flagship products being a disposable NeuroCap and portable
NeuroEEG , intended to enable neurologists to streamline their processes
by enhancing throughput, increasing patient comfort, and mitigating contamination risks. These innovations are designed to provide rapid
access to precise EEG test results, optimizing efficiency and allowing clinicians to concentrate on interpreting test readings rather
than laborious electrode placement.
Advancing Neurology: Pearsanta's Expansion
As highlighted in the Grand View Research Report,
the global electroencephalography (EEG) devices market was valued at USD 1.06 billion
in 2022 and is anticipated to expand at a CAGR of 10.2% from 2023 to 2030. This anticipated surge in demand for advanced neurological
diagnostics and monitoring solutions underscores the significance of Aditxt's strategic acquisition of these assets.
With this acquisition, Aditxt's majority-owned
subsidiary, Pearsanta, Inc.'s ("Pearsanta") capabilities will expand to encompass a broader range of innovative solutions.
These products will enable Pearsanta to enter a new market, offering enhanced neurological diagnostics and monitoring:
Ernie Lee, CEO of Pearsanta, remarked, "We
recognize the immense potential within neuro deficit disorders, diagnosis, and monitoring. These assets enable us to venture into new
markets and enhance our diagnostics and monitoring capabilities. The demand for innovative solutions is surging in a dynamically evolving
neurological landscape. With this portfolio of proprietary technologies, we are well-prepared to meet that demand head-on."
Aditxt has established subsidiaries in various
health sectors, including autoimmunity, health by the numbers, population health, prolonging life through transplantation, and with the
anticipated completion of the recently announced transaction with Evofem Biosciences Inc., entry into the women's health space.
Additionally, the recent acquisition of assets from MDNA Life Sciences, Inc. and this transaction demonstrate Aditxt's commitment
to accelerating subsidiary growth.
Amro Albanna, co-founder, chairman, and CEO of
Aditxt, commented on the announcement, "This transaction represents yet another example of how Aditxt accelerates the growth of
its subsidiaries through innovation. Integrating these pioneering brain monitoring technologies and devices into Pearsanta, will enable
it to address critical needs and expand its commercial opportunities globally."
Transaction Details:
Aditxt acquired the assets through an assignment
to benefit creditors from certain secured creditors of Brain Scientific. In consideration for the assignment of the rights and obligations
of the secured creditors under an asset purchase and settlement agreement, which was approved by the court in the assignment for the benefit
of creditors proceeding, Aditxt agreed to issue 6,000 shares of its newly designated Series B-1 Convertible Preferred Stock with an aggregate
stated value of $6 million to such secured creditors. Before the closing of the acquisition, Aditxt also entered into an exchange agreement
with the holder of a secured promissory note of Aditxt in the principal amount of $2.625 million, who was also one of the Brain Scientific
creditors, under which Aditxt issued 2,625 shares of its newly designated Series B-2 Convertible Preferred Stock with an aggregate stated
value of $2.625 million to such secured creditor in exchange for its secured promissory note.
Aditxt is focused on discovering, developing,
and deploying promising health innovations. Aditxt's diverse portfolio includes Adimune , Inc., developing a new class of
therapeutics designed to retrain the immune system to address organ rejection, autoimmunity, and allergies; Adivir , Inc., focused
on identifying, developing, and commercializing new ways to treat infectious diseases; and Pearsanta , Inc., offering timely, convenient,
and high-quality personalized lab testing anytime and anywhere, backed by its CLIA-certified and CAP-accredited monitoring center.
For more information see: www.aditxt.com
About Pearsanta, Inc.
Formed in January 2023, Aditxt's majority-owned
subsidiary, Pearsanta, Inc., is responding to a growing demand for convenient, rapid, personalized, and high-quality lab testing -anytime
and anywhere. The company specializes in biosample collection, processing, and reporting to deliver actionable information to the end
user by utilizing collection devices, point-of-care (POC) technologies, Lab Developed Test (LDT) assays, a data-driven analysis engine,
and telemedicine. The initial platform will be available at home, in pharmacies, and in physician's offices and offer diagnostic
testing for SARs-CoV-2, respiratory syncytial virus (RSV) and influenza A/B, urinary tract infections (UTIs) and sexually transmitted
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 on its strategic
M&A initiatives; the Company's ability 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 the Company'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
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