AIM ImmunoTech said Monday that it sold its New Brunswick facility for $3.9 million.
The Florida-based immunopharma company focused on the research and development of therapeutics said the transaction should reduce its expenses and save over $1 million a year in cash flow, which will be used to advance its oncology and long-COVID clinical programs.
AIM plans to retain access to space in the New Brunswick facility for activities related to Alferon-N (a medication is used to treat various cancers) and also intends to lease additional space in a New Jersey-based facility suitable for product development and testing.
“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, AIM CEO, stated.
The transaction is in line with AIM’s strategy to advance its clinical and non-clinical activities with the shortest and most efficient path to potential U.S. Food and Drug Administration and European Medicines Agency drug approvals, providing opportunities for expedited success.