AIM ImmunoTech Inc (NYSE:AIM) has announced the sale of its facility located in New Brunswick, New Jersey for a purchase price of $3.9 million.
"Our priorities are focused on positioning the company to advance our clinical programs— especially in oncology and long-COVID— as quickly and efficiently as possible, executing our operational, clinical, and regulatory milestones,” Thomas Equels, CEO of AIM said in a statement.
He added: “This strategic transaction should reduce our expenses and save over $1.0 million a year in cash flow. The cash and cash-flow savings will be used to advance our oncology and long-COVID clinical programs."
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This transaction is in line with AIM's strategy of advancing its clinical and non-clinical activities with the shortest and most efficient path to potential US Food and Drug Administration (FDA) and European Medicines Agency drug approvals, providing opportunities for expedited success.
AIM will retain access to space in the New Brunswick facility for activities related to Alferon-N and also intends to lease additional space in a New Jersey-based facility suitable for product development and testing.
An immuno-pharma company, AIM is focused on the research and development of therapeutics to treat multiple types of cancers, immune disorders, and viral diseases, including COVID-19, the disease caused by the SARS-CoV-2 virus.
Contact Ritika at ritika@proactiveinvestors.com