Aditxt, Inc. (NASDAQ: ADTX) confirmed that it has inked a revenue-sharing agreement with Cellvera, and certain of its associates. The agreement is meant to bring strategic revenue and growth starting in 2022 and also offer improved security for the Company’s $14.5 million loans, plus interest to Cellvera Global Holdings LLC (Cellvera).
The agreement was signed by the Company in exchange for Aditxt agreeing to extend the length of the previously disclosed loan and forbearance agreements. Cellvera has exclusive worldwide rights (except in Japan) to COVID-19 and 11 other infectious disease-targeting oral antiviral medications. Cellvera's goal is to find, develop, and commercialize antimicrobial medicines for a wide range of infectious disorders, including COVID-19.
Aditxt will receive up to 10% of net sales of products and services gathered by Cellvera and other lending parties, up to a maximum of $30 million, under the terms of the deal. Aditxt has committed to utilizing the first $14.5 million of revenue sharing payments it gets from the loan parties as loan repayment, plus interest, until Cellvera's loan commitments are met.
Additionally, the first step of the transaction is underway, and the due diligence period has been increased. The closings of the transactions proposed by the Share Exchange Agreement are contingent on the successful completion of due diligence as well as the satisfaction of several other closing conditions, including shareholder approval. The acquisition of Cellvera by Aditxt is not guaranteed to be completed.