Moonshot’s incubator client, Axolotl Biologix, has completed a merger with Carmell Therapeutics (Nasdaq: CTCX), marking a significant step forward in regenerative medicine. The deal includes an Initial Equity Value of $65 million for Axolotl’s shareholders, comprising $8 million in cash and $57 million in CTCX stock at closing. Additionally, potential Milestone Equity Payments of up to $75 million will be distributed based on defined revenue and business achievements, with 12% in cash and 88% in CTCX stock.
Moonshot is excited to announce that its incubator client, Axolotl Biologix, based in its NACET Flagstaff, Arizona campus, has finalized a merger with Carmell Therapeutics (Nasdaq: CTCX). This partnership signifies a monumental step in regenerative medicine, notably in the sectors of active soft tissue repair, aesthetics, and orthopedic indications.
As outlined in the Merger Agreement, Axolotl’s shareholders will receive an Initial Equity Value of $65 million, allocated as $8 million in cash and $57 million in CTCX stock upon closing. Additionally, they stand to gain up to $75 million in potential Milestone Equity Payments, which are structured as 12% cash and 88% in CTCX stock, subject to the achievement of defined revenue and business benchmarks.
“The merger between Carmell Therapeutics and Axolotl Biologix exemplifies the type of innovation and growth that Moonshot is designed to cultivate,” stated Scott Hathcock, President & CEO of Moonshot. “Axolotl has been a standout client at our Flagstaff campus. This merger with an industry giant like Carmell Therapeutics is a significant development for the future of regenerative medicine.”
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This merger brings together Axolotl Biologix, known for its profitable foray into regenerative medicine, and Carmell Therapeutics, a leader in leveraging the body’s innate healing capabilities. The combined force is poised to become a market leader, marrying Carmell’s scientific prowess with Axolotl’s practical innovations.
“This transformative merger represents a milestone not just for both participating companies but also underscores the value of our relationship with Moonshot at NACET,” said founder, Dr. Robert Kellar. “The combined expertise of Carmell and Axolotl is set to push the boundaries in the field of regenerative treatments.”
Source: Bio Space