Moonshot Client Axolotl Announces Merger with Carmell Therapeutics, Elevating the Field of Regenerative Medicine
12 Sep 2023
Acquisition
FLAGSTAFF, Ariz., Sept. 12, 2023 /PRNewswire/ -- 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."
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."
About Moonshot at NACET:
Moonshot propels startups and entrepreneurs to success via intensive mentorship and a plethora of resources, including its cutting-edge Flagstaff campus. Moonshot is committed to fostering innovation across a broad spectrum of industries, with a robust network of business experts, investors, and educational institutions. www.moonshotaz.com
About Axolotl Biologix:
Axolotl Biologix is focused on advancing regenerative medicine through its innovative products designed for soft tissue repair, aesthetic procedures, and orthopedic applications.
For Media Inquiries:
For more details or to arrange interviews, please reach out to [email protected].
SOURCE Moonshot
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