Carmell出售Axolotl Biologix

2024-03-21 04:47

Carmell (NASDAQ:CTCX) said it has executed a definitive agreement to sell its unit, Axolotl Biologix to the initial sellers of the unit for 3.85M shares of CTCX stock, 4.2K shares of CTCX preferred stock and notes payable to the initial sellers in the aggregate amount of $8 million.
“The sale of AxoBio enables our exit from the tissue graft space thereby facilitating a sharper organizational focus on the launch of our skincare products beginning in March 2024 and continuing over Summer 2024,” said CEO, Rajiv Shukla.
The company had acquired AxoBio for $65 million in August last year.
After the sale, CTCX expects to see a $4 million drop in annualized cash burn, a $15.6 million reduction in debt.
The company also expects $7 million increase in tangible equity due to elimination of AxoBio’s negative tangible equity and 29% reduction in EPS dilution.
Shares in the company up 2.7% in post market trade.