Aditxt has acquired a suite of electroencephalography (EEG) brain monitoring technologies and devices which were previously owned by Brain Scientific.
The portfolio of assets includes 16 patents, with the NeuroCap and NeuroEEG as flagship products, designed to improve EEG test efficiency and patient comfort.
The acquisition will bolster the capabilities of Aditxt’s subsidiary Pearsanta, allowing it to offer advanced neurological diagnostics and monitoring solutions.
Pearsanta is set to enter a new market segment, leveraging these innovative products to provide rapid and precise EEG test results.
This is expected to optimise clinical workflows and focus on the interpretation of test readings.
Aditxt co-founder, chairman and CEO Amro Albanna said: “This transaction represents yet another example of how Aditxt accelerates the growth of its subsidiaries through innovation.
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“Integrating these pioneering brain monitoring technologies and devices into Pearsanta will enable it to address critical needs and expand its commercial opportunities globally.”
Pearsanta CEO Ernie Lee said: “We recognise 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 assets were acquired through an assignment to benefit creditors from certain secured Brain Scientific creditors.
Aditxt agreed to issue 6,000 shares of its Series B-1 Convertible Preferred Stock, valued at $6m, to the secured creditors as part of the asset purchase and settlement agreement approved by the court.
Additionally, Aditxt entered an exchange agreement with the holder of a secured promissory note worth $2.625m, who was also a creditor of Brain Scientific.
In exchange for the note, Aditxt issued 2,625 shares of its Series B-2 Convertible Preferred Stock, valued at $2.625m.
Earlier this month, Pearsanta acquired MDNA Life Sciences’ early disease and cancer detection platform.
The transaction included Mitomic technology that uses mitochondrial DNA (mtDNA) to detect diseases at their earliest stages with precision and minimal invasiveness.