Carmell Therapeutics Merges with Axolotl Biologix

Regenerative medicine company, Carmell Therapeutics, announced the execution of a definitive agreement and plan of merger with Flagstaff-based and regenerative medicine company Axolotl Biologix.
 
Axolotl develops, designs, and sells products that are human amnion-based, for active soft tissue repair, aesthetics, and orthopedic indications. 
 
The terms of the merger agreement outline Axolotl’s shareholders will receive $65 million in Initial Equity Value, plus up to $75 million in potential Milestone Equity Payments, which will be linked with the achievements of certain business and revenue milestones. 
 
Axolotl products meet all regulations under section 316 of the PHS Act and 21 CFR part 1271 recommended by the FDA Tissue Reference Group. The company also is enrolling in a Phase I/II clinical trial for Ankle Osteoarthritis. Also being developed is a topical cosmeceutical for skin rejuvenation.
 
Carmell’s Executive Chairman Rajiv Shukla said, “I look forward to working with Josh and the Axolotl team to accelerate our goal of building Carmell into an industry-leading regenerative medicine company through a combination of in-house product development, bolt-on acquisitions and business development aimed at the aesthetics/soft tissue orthopedic indications.”
 
After closing the agreement, Axolotl Biologix will operate as a wholly owned subsidiary of Carmell Therapeutics.