ADiTx Therapeutics, Inc. (ADTX), a biotech company, has seen an increase of 6.40% in the aftermarket trading session. As a result, ADTX stock was trading at $1.83 when last checked. The rise seems to be due to impending news of acquisition by the company. On Friday, ADTX stock closed the day at $1.72 after declining 1.71% in regular trading hours. Let’s discuss the recent developments of ADTX.
ADTX partnership with SphereDX
On the 9th of September, ADTX announced to enter into a partnership with SphereDX to offer its AditxtScore™ for COVID-19. SphereDX is an advanced clinical diagnostic lab focusing on next-generation genomic and metabolomic clinical testing. The AditxtScore is an all in one immune response monitoring tool. It tracks multiple combinations of antibodies and consequently, neutralizes antibodies response against several antigens. As a result, the strength of an individual’s immune response to COVID could be assessed with ease. According to the agreement, SphereDX was stipulated to make the AditxtScore for COVID-19 available throughout its laboratory locations serving Kentucky, Ohio and Indiana. That initiative was a part of Aditx efforts to increase the range of its network. In a pilot program, SphereDX deployed AditxtScore for COVID-19 in a group of area assisted living facilities. It tested 99 fully vaccinated individuals of the area. Their ages were between 63 and 99. The results depicted 33.3% of those tested had a suboptimal immune response, while 8.1% had no discernible immune response from COVID. Amro Albanna, Co-founder and Chief Executive Officer of Aditxt, commented on the development that his company is thrilled to be working with SphereDX to bring a level of certainty and confidence to the people.
Direct price offering
On 26th August, ADTX announced it had entered into a definitive agreement with some institutional investors. According to the details, the agreement was done for the purchase of 4,583,334 shares of common stock. The purchase price was set at $2.40 per share in a registered direct offering priced at the market under Nasdaq rules. The gross proceeds from the offering were approximated to be $11.0 million, before payment of commissions and expenses. For each share of common stock an investor would purchase, the investor would receive from the Company an unregistered warrant to purchase one share of common stock. The warrants had an exercise price of $2.53 and were exercisable for five years. The period commenced six months from the date of issuance. The company intended to use net proceeds, expected to be $10.1 million, for general corporate and working affairs.
How would the future of ADTX look like?
During the last week, ADTX stock has increased by 3% and has steadily risen by about 1% during the last year. The 52 weeks high of the stock is $6.73 while 52 week low is $1.51. Analysts believe that the EPS of ADTX would increase by 309% during the next fiscal year. So, potential investors should keep a close watch on ADTX stock.
