Aditxt buys EEG brain monitoring technologies and devices from Brain Scientific
31 Jan 2024
Acquisition
The asset portfolio involved in the deal includes 16 patents, including flagship products like a disposable NeuroCap and portable NeuroEEG
Aditxt has snapped up a portfolio of EEG brain monitoring technologies and devices. (Credit: Robina Weermeijer on Unsplash)
Aditxt, a US-based biotech company, has acquired a portfolio of electroencephalography (EEG) brain monitoring technologies and devices from Brain Scientific.
The asset portfolio involved in the deal consists of 16 patents, featuring flagship products such as a disposable NeuroCap and portable NeuroEEG. These tools aim to help neurologists streamline their processes, improving throughput, enhancing patient comfort, and reducing contamination risks.
According to Aditxt, these innovations are intended to offer swift access to accurate EEG test results, boosting efficiency, and enabling clinicians to focus on interpreting readings rather than spending time on electrode placement.
The acquisition is expected to help Aditxt’s majority-owned subsidiary Pearsanta expand its capabilities to encompass a wider range of innovative solutions.
Aditxt said that the products will empower Pearsanta to enter a new market, offering advanced neurological diagnostics and monitoring solutions.
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 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.”
Aditxt obtained the assets by assuming the rights and obligations of specific secured creditors of Brain Scientific through an assignment for the benefit of creditors.
The company will issue 6,000 shares of its recently designated Series B-1 convertible preferred stock, valued at a total of $6m, to these secured creditors.
Before finalising the acquisition, the firm engaged in an exchange agreement with the holder of a secured promissory note valued at $2.6m, who was also a creditor of Brain Scientific.
Aditxt has formed subsidiaries across various health sectors, spanning autoimmunity, health analytics, population health, and extending life through transplantation. With the forthcoming completion of its transaction with Evofem Biosciences, the company will also venture into the women’s health sector.
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. Integrating these pioneering brain monitoring technologies and devices into Pearsanta, will enable it to address critical needs and expand its commercial opportunities globally.”
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