Aditxt (NASDAQ: ADTX), a company dedicated to discovering, developing and deploying promising health innovations, has signed a definitive agreement with Evofem Biosciences Inc. (OTCQB: EVFM), a pioneer in women’s health. The agreement outlines plans for Aditxt to acquire Evofem in a transaction involving the issuance of a combination of common stock and preferred stock as well as the assumption of certain senior indebtedness, having an aggregate amount of approximately $100 million. According to the announcement, in the first nine months of this year, Evofem has reported $13.4 million in net sales of Phexxi(R), the first and only FDA-approved, hormone-free contraceptive gel. Aditxt is focused on expanding Evofem into the global nonhormonal birth control market, which was valued at $27.7 billion in 2022 and is projected to grow to $52.2 billion by 2031. A convenient, discreet and flexible contraception method, Phexxi provides on-demand usage within one hour before intercourse, addressing a critical need in the global contraception market and offering women greater control and autonomy over reproductive health decisions. The boards of directors of both companies have unanimously approved the proposed acquisition; the agreement remains subject to the approval of stockholders of both companies as well as the satisfaction or waiver of conditions stated in the agreement. “At Aditxt, our mission is to make promising innovations possible together,” said Aditxt cofounder, chair and CEO Amro Albanna in the press release. “Evofem represents precisely the kind of groundbreaking innovation that aligns with our mission. Aditxt will provide Evofem with a global platform to amplify their transformative innovation in women’s health. As we move forward, we aim to empower our shareholders to participate in this journey through their votes. This approach ensures that our stakeholders are integral in advancing these vital health innovations on the Aditxt platform, truly socializing how health innovations advance and impact lives worldwide.”
To view the full press release, visit https://ibn.fm/mU0Jw
About Aditxt Inc.
Aditxt is focused on discovering, developing and deploying life-changing health innovations. Aditxt’s diverse portfolio includes Adimune(TM) Inc., developing a new class of therapeutics designed to retrain the immune system to address organ rejection, autoimmunity and allergies; and Pearsanta(TM) 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, please visit www.Aditxt.com.
NOTE TO INVESTORS: The latest news and updates relating to ADTX are available in the company’s newsroom at https://ibn.fm/ADTX
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