Bioxytran (OTCMKTS:BIXT) Secures $1.6 Million Investment to Extinguish Note & Fund Clinical Development

Bioxytran, Inc., a clinical stage biotechnology company based in Boston, Massachusetts, recently announced a significant financial development with Triton Funds LP. On January 15, 2025, the company entered into a $1.6 million common stock closing agreement with Triton Funds LP (Triton), aimed at advancing regulatory pre-clinical and clinical trials and addressing working capital needs within Bioxytran.

As part of the Closing Agreement, Bioxytran will utilize a portion of the investment to pay off an existing noteholder for $805,000. Management at Bioxytran has also volunteered to forfeit accrued salaries and expenses totaling more than $460,000.

In line with the deal, Triton will have the option to purchase up to 19.9% of Bioxytran’s common stock, equating to approximately 17,538,240 shares of common stock based on the outstanding shares as of January 20, 2025. The pricing of this purchase will be determined based on the lowest traded Securities price 10 days before closing, with the investment amounting to $1,600,000. Additionally, Bioxytran has agreed to pay Triton a fee of $35,000 to compensate for administrative expenses associated with the transaction.

The shares associated with this deal will be offered and issued pursuant to a selling shareholder prospectus on Form S-1, to be filed with the Securities and Exchange Commission within seven days of the closing date. These common stock sales will be completed once the registration statement on Form S-1 becomes effective.

Moreover, in connection with this development, Bioxytran issued a press release over Globe Newswire on January 16, 2025, under the title “Bioxytran Lands $1.6 million Investment to Extinguish Note & Fund Clinical Development.”

Bioxytran’s CEO, Dr. David Platt, expressed satisfaction with the arrangement, highlighting Triton’s commitment to the company’s progress and potential. He underscored the significance of this investment in facilitating Bioxytran’s regulatory pathway, particularly mentioning the FDA trial of PLM. Dr. Platt also noted the company’s focus on testing antiviral capabilities against viruses with pandemic potential.

According to Triton Funds’ Equity Analyst and Entrepreneur in Residence, Axel Olson, the firm recognizes Bioxytran’s dedication to advancing novel treatment solutions, especially in the arena of galectin science. Triton Funds views Bioxytran as an undervalued asset with considerable potential, expressed further through this investment.

Bioxytran, Inc. is at the forefront of biotechnology, utilizing innovative AI software to develop novel drug candidates targeting viral diseases, fibrosis, stroke, dementia, and Alzheimer’s disease. Their leading antiviral drug candidate Prolectin-M has shown promise in neutralizing viruses by targeting galectins implicated in various diseases.

Investors and stakeholders looking for further information can reach out to Investor Relations at Bioxytran through Michael Sheikh at [email protected].

Please note that this press release may contain forward-looking statements subject to risks and uncertainties as detailed in the company’s filings with the Securities and Exchange Commission.

Sources:
https://www.sec.gov/Archives/edgar/data/1445815/0001445815-25-000009-index.htm
https://www.bioxytraninc.com/

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Bioxytran’s 8K filing here.

Bioxytran Company Profile

Bioxytran, Inc, a clinical stage pharmaceutical company, focuses on the development, manufacture, and commercialization of therapeutic drugs to address hypoxia in humans. The company’s lead drug candidate is BXT-25, an oxygen-carrying small molecule consisting of bovine hemoglobin stabilized with a co-polymer for use in the treatment of hypoxic conditions in the brain resulting from stroke, and hypoxic conditions in wounds to prevent necrosis and to promote healing.