Common stock purchase agreement provides funding for clinical and preclinical programs while eliminating existing convertible note overhang
BOSTON, January 22, 2025 — Bioxytran, Inc. (OTCQB: BIXT), a clinical-stage biotechnology company developing oral and intravenous therapeutics for viral diseases, fibrosis, stroke, dementia, and Alzheimer's disease, today announced that it has entered into a $1.6 million common stock purchase agreement (SPA) with TRITON FUNDS LP.
A portion of the proceeds will be used to settle an existing convertible note for $805,000, while the remaining funds are expected to support Bioxytran's regulatory, preclinical, and clinical development programs and general working capital requirements.
As part of the financing, Bioxytran's management has also agreed to forfeit more than $460,000 in accrued salaries and expenses, further supporting the Company's efforts to strengthen its financial position and advance its development programs.
The financing provides Bioxytran with capital to continue advancing its pipeline while addressing an existing convertible note obligation.
The settlement of the note for $805,000 is intended to remove the associated convertible note overhang. The remaining proceeds will be directed toward regulatory preclinical and clinical trials as well as working capital needs.
The investment represents TRITON FUNDS LP's second investment in Bioxytran and is substantially larger than its previous investment in the Company.
Retiring the existing convertible note is a central component of the transaction.
Bioxytran believes that resolving the outstanding note will provide greater financial clarity as the Company continues developing its therapeutic programs.
The transaction also reflects the Company's efforts to align capital allocation with its clinical and regulatory development priorities.
Management's decision to forfeit more than $460,000 in accrued salaries and expenses further demonstrates its commitment to preserving capital for the Company's development programs.
TRITON FUNDS' investment reflects its continued interest in Bioxytran's research into galectin antagonists and their potential applications across multiple disease areas.
"TRITON FUNDS recognizes Bioxytran's steadfast commitment to advancing its core thesis on the potential of Galectin Antagonists and eagerly anticipates the outcomes of upcoming trials," said Axel Olson, Equity Analyst and Entrepreneur in Residence at TRITON FUNDS.
Olson noted that TRITON FUNDS has been following developments in galectin science and sees increasing interest in the field, including additional players, disease indications associated with galectins, and research supporting the potential of galectin blockers.
He added that TRITON FUNDS views Bioxytran as an undervalued asset with clinical trial data that warrants further development and described the investment as a potential stepping stone toward a more substantial follow-on investment.
Bioxytran's development strategy is centered in part on its research into galectin antagonists, which are designed to interact with galectin-related biological pathways.
The Company's leading antiviral candidate, ProLectin-M, is being developed as a new class of antiviral drug designed to antagonize galectins implicated in inflammatory, fibrotic, and malignant diseases.
Bioxytran's research has investigated the potential of complex carbohydrate-based molecules to interact with conserved regions associated with viral spike proteins.
The Company's peer-reviewed research has identified a galectin fold located on the spike proteins of viruses including COVID-19, respiratory syncytial virus (RSV), and H1N1. Bioxytran's molecules have demonstrated virus-neutralizing activity in research involving these viruses.
The extent to which the Company's carbohydrate structures may neutralize additional, untested viruses remains unknown and is the subject of continued research.
The new capital is expected to provide Bioxytran with additional resources to advance its regulatory pathway and clinical development programs.
According to CEO Dr. David Platt, the financing provides momentum for the Company's planned FDA trial of ProLectin-M, while also supporting research involving viruses with pandemic potential.
"The company has an excellent working relationship with Triton," said Dr. David Platt, CEO of Bioxytran Inc. "Their investment showcases their commitment to the long-term success of Bioxytran. This gives us the momentum needed to move forward with our regulatory pathway and with our FDA trial of PLM, while at the same time testing a number of viruses with pandemic potential. These pandemic viruses showcase our broad-spectrum antiviral capability."
Bioxytran's antiviral research extends beyond a single viral indication.
The Company's research into complex carbohydrate structures has included viruses such as COVID-19, RSV, and H1N1, with the objective of understanding whether conserved viral structures can provide opportunities for broader antiviral activity.
This research forms part of Bioxytran's broader glycovirology platform and its investigation of galectin-targeted approaches to viral disease.
Additional studies will be required to determine the activity and potential clinical relevance of the Company's molecules against other viruses, including viruses with pandemic potential.
Bioxytran is developing a library of novel complex carbohydrate structures using artificial intelligence software designed to interpret Nuclear Magnetic Resonance imaging of druggable targets, including the galectin fold, to support rational drug design.
The Company's leading drug candidates have undergone in vitro testing, including research into their ability to neutralize viruses.
The identification of a conserved galectin fold on viral spike proteins has provided a foundation for Bioxytran's investigation into whether carbohydrate-based molecules can interact with these structures and interfere with viral infection.
The Company is also applying its platform technology to significant unmet medical needs in virology, degenerative disease, and hypoxia.
The combination of new financing, note settlement, and management's forfeiture of accrued compensation is intended to strengthen Bioxytran's ability to focus capital on its therapeutic development programs.
The Company will use available resources to continue advancing its regulatory, preclinical, and clinical activities while evaluating additional opportunities within its platform technologies.
TRITON FUNDS has indicated that it views the current financing as an initial step that could potentially lead to additional investment as Bioxytran progresses its development programs.
Following completion of the financing, Bioxytran will continue advancing its clinical and preclinical development activities.
The Company expects the available funding to support regulatory activities, clinical development of ProLectin-M, testing involving viruses with pandemic potential, and general working capital requirements.
Future development remains dependent on clinical and preclinical results, regulatory decisions, financing, and other factors that may affect the Company's development timeline.
Bioxytran, Inc. is a clinical-stage biotechnology company developing a library of novel complex carbohydrate structures using artificial intelligence-assisted approaches to rational drug design.
The Company's platform technologies include glycovirology, cancer metastasis, and oxygen delivery, with applications directed toward significant unmet medical needs in virology, degenerative disease, hypoxia, and other areas.
Bioxytran's leading drug candidate, ProLectin-M, is an investigational antiviral designed to antagonize galectins implicated in inflammatory, fibrotic, and malignant diseases. The Company is also advancing development programs focused on pulmonary fibrosis and stroke treatment.
For more information, visit www.bioxytraninc.com.
This news release contains forward-looking statements within the meaning of applicable securities laws, including statements concerning the use of proceeds from the financing, Bioxytran's regulatory pathway, clinical and preclinical development programs, future clinical trials, testing against viruses with pandemic potential, the potential broad-spectrum antiviral activity of the Company's molecules, and potential future investments. These statements are based on current expectations and are subject to risks, assumptions, and uncertainties that could cause actual results to differ materially from those expressed or implied.
Factors that may affect future results include clinical and preclinical study outcomes, regulatory decisions, financing availability, development timelines, manufacturing requirements, strategic partnerships, market conditions, and other risks described in Bioxytran's filings with the U.S. Securities and Exchange Commission. Investigational technologies and drug candidates described in this release have not been established as safe or effective for any unapproved indication. Bioxytran undertakes no obligation to update forward-looking statements except as required under applicable law.
Bioxytran, Inc.
Website: www.bioxytraninc.com
Investor Contact:
Michael Sheikh
509-991-0245
mike.sheikh@bioxytraninc.com
