Pearsanta invited to submit full proposal for DoD ovarian cancer grant

MOUNTAIN VIEW, Calif. - Aditxt, Inc. (NASDAQ:ADTX), a $146 million market cap biotechnology company, announced Thursday that its subsidiary Pearsanta has been invited to submit a full proposal for the U.S. Department of Defense’s Ovarian Cancer Research Program Pilot Award for its MitomicⓇ Ovarian Test (MOT™). According to InvestingPro data, analysts anticipate sales growth for Aditxt in the current year, with revenue projected to increase by 44% in FY2025.

The invitation follows a pre-proposal submitted on June 10, which was favorably reviewed for scientific merit, innovation, and potential impact. Pearsanta’s full proposal, titled "Mitochondrial DNA Deletions in Plasma as a Diagnostic Aid for Ovarian Cancer," must be submitted by September 11.

The Congressionally Directed Medical Research Program’s award offers up to $350,000 over two years to support research that could advance ovarian cancer diagnostics and treatment.

Pearsanta’s MOT™ is a blood-based test designed for earlier detection of ovarian cancer, which typically has poor prognosis due to late-stage diagnosis. The company plans to conduct a prospective, multi-center clinical study to collect and analyze blood samples from women undergoing evaluation for suspected ovarian cancer.

"Early detection is one of the greatest unmet needs in ovarian cancer care," said Chris Mitton, President of Pearsanta, in the press release.

The test is part of Pearsanta’s MitomicⓇ technology platform, which uses mitochondrial DNA to identify biomarkers for early disease detection. The company is currently conducting clinical validation of similar tests for prostate cancer and endometriosis.

If awarded, the funding would support further development and validation of the MOT™ at Pearsanta’s Richmond, Virginia CLIA/CAP laboratory in preparation for commercial launch as a laboratory-developed test. This potential funding could provide crucial support for the company, which InvestingPro data shows has faced financial challenges with a current ratio of 0.08, indicating limited liquid assets to cover short-term obligations.

Aditxt acquired Pearsanta as part of its strategy to accelerate promising health innovations. The company is also working toward closing its proposed acquisition of Evofem in the second half of 2025, subject to shareholder approval and securing approximately $17 million in funding. The company’s stock has experienced significant volatility, with InvestingPro reporting a 96% decline over the past six months. Subscribers to InvestingPro can access 12 additional key financial tips and comprehensive analysis of Aditxt’s financial health.

In other recent news, Aditxt, Inc. has introduced a new "bitXbio" capitalization strategy that utilizes Bitcoin reserves alongside an equity line facility to bolster its biotech commercialization efforts. This initiative, approved by the company’s board, aims to enhance Aditxt’s balance sheet and align its enterprise value with future commercialization opportunities. Additionally, Aditxt has appointed Saundra Pelletier, CEO of Evofem Biosciences, to its Board of Directors as part of its strategy to expand into the women’s health sector. Pelletier brings a wealth of experience in pharmaceuticals, including notable achievements in women’s healthcare products.

Furthermore, Aditxt has secured a $233,000 unsecured loan from its CEO, Amro Albanna, with an annual interest rate of 7.5%. The company also raised $256,250 through the private sale of senior notes to accredited investors, which were sold at a discounted purchase price. These notes carry a 10% annual interest rate and are set to mature in May 2025. Aditxt is required to use proceeds from any common stock sales to repay these notes.

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