Carmell Corporation (CTCX), a regenerative care company, has announced the successful completion of its merger with Axolotl Biologix, a profitable regenerative medicine company based in Flagstaff, Arizona.
The deal will combine the expertise and products of both companies to offer innovative solutions for active soft tissue repair, aesthetics and orthopedic indications.
The merger consideration consists of $8 million in cash and $57 million in CTCX common and preferred shares, subject to certain conditions and milestones. The merged company expects to achieve $100 million in revenue by 2024, by expanding its customer base and launching new products, including a cosmeceutical product for skin rejuvenation.
Carmell Corporation also announced a change in its corporate identity from Carmell Therapeutics Corporation to Carmell Corporation and a new brand logo to reflect its broader focus on non-therapeutic indications in aesthetics.
The CEOs of both companies expressed their excitement and confidence in the merger, saying that it will create great synergies and value for their clients, shareholders and employees. They also said that they share a common vision and culture of innovation, collaboration and service.
The merger was previously announced on July 27, 2023 and closed on August 9, 2023. The merged company will operate under the name Carmell Corporation and trade on the Nasdaq under the ticker symbol CTCX.
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