Aditxt and Evofem Sign Second Amendment to Amended and Restated Merger Agreement, Target Closing of Acquisition in Fourth Quarter of 2024
Aditxt, Inc. (NASDAQ: ADTX) (“Aditxt” or the “Company”), an innovation platform dedicated to accelerating health innovations, and women’s health pioneer, Evofem Biosciences, Inc. (OTCQB: EVFM) (“Evofem”) today announced they have entered into the Second Amendment to the Amended and Restated Agreement and Plan of Merger (the “Second Amendment”), under which Aditxt intends to acquire Evofem.
Under the Second Amendment, the parties have extended the dates by which Aditxt shall complete the remaining $3 million in funding to Evofem through the purchase of 3,000 shares of Evofem’s F-1 Preferred Stock. Aditxt will provide $1.5 million of financing by September 30, 2024, and an additional $1.5 million by October 31, 2024. Both companies continue to work collaboratively to align strategic priorities and expect to close the transaction in the fourth quarter of 2024.
Evofem intends to achieve and accelerate year-over-year revenue growth through continued execution of its three-pronged growth strategy: to increase net sales of its differentiated women’s health products in the U.S., the hormone-free contraceptive Phexxi (lactic acid, citric acid and potassium bitartrate) and SOLOSEC (secnidazole) 2g oral granules to treat two common sexual health infections; to expand its commercial portfolio through acquisitions of complementary late-stage or in-market women’s health assets; and to partner or license its products for international markets as part of a broader initiative to expand its global footprint in women’s health.
Amro Albanna, Co-Founder, Chairman, and CEO of Aditxt, said, “Women’s health presents unique challenges that call for innovative solutions designed to meet the evolving needs of women at every stage of life. Evofem has shown the strategic vision and adaptability needed to take the lead in this field, building on a solid foundation of progress. However, the impact of these advancements extends beyond the science itself—it’s about ensuring women everywhere can benefit from these innovations. Global support is essential to drive Evofem’s mission forward, ensuring access to transformative healthcare that can truly improve the lives of women around the world.”