Aditxt – a company dedicated to discovering, developing, and deploying promising health innovations – announced the acquisition of a portfolio of EEG brain monitoring technologies and devices formerly owned by Brain Scientific. The products targeting the neurology monitoring market will be essential in shaping its dynamic landscape for neurological care.
This 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 were 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.
The global electroencephalography (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 according to the Grand View Research Report. And this surge in demand for advanced neurological diagnostics and monitoring solutions underscores the significance of Aditxt’s strategic acquisition of these assets.
Through this acquisition, Aditxt’s majority-owned subsidiary Pearsanta capabilities will expand to encompass a broader range of innovative solutions. And these products will enable Pearsanta to enter a new market, offering enhanced neurological diagnostics and monitoring:
— Neurological devices arm clinicians with precision tools for accurate diagnoses and treatment decisions, setting benchmarks for reliability in neurology.
— Neurological monitoring solutions that enable real-time, continuous brain activity tracking prove invaluable in critical care settings where timely information can be lifesaving.
Aditxt 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 entry into the women’s health space. Plus, the recent acquisition of assets from MDNA Life Sciences, Inc. and this transaction demonstrate Aditxt’s commitment to accelerating subsidiary growth.
Deal Details
Aditxt acquired the assets through an assignment to benefit creditors from certain secured creditors of Brain Scientific. And 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 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 deal, 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.
KEY QUOTES:
“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.”
– Ernie Lee, CEO of Pearsanta
“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.”
– Amro Albanna, co-founder, chairman, and CEO of Aditxt
