Regenerative medicine company Carmell Therapeutics goes public after SPAC merger
Alpha Healthcare Acquisition Corp. III, a special purpose acquisition company (SPAC) headed by Rajiv Shukla, announced the completion of its $328 million merger with Carmell Therapeutics Corporation.
Based in Pittsburgh, Pennsylvania, Carmell Therapeutics is a Phase 2 stage regenerative medicine platform company that focuses on the development of plasma-based biomaterials intended for aesthetics, active soft tissue repair, and orthopedic applications.
As a result of the merger, the newly combined company will retain the Carmell Therapeutics Corporation name and is expected to begin trading its common stock and warrants under the ticker symbols “CTCX” and “CTCXW” on the Nasdaq Capital Market from July 17, 2023. Rajiv Shukla is set to serve as the Executive Chairman, while Randy Hubbell will take the role of Chief Executive Officer of the combined entity.
Hubbell expressed his enthusiasm about partnering with Shukla and Alpha Healthcare, stating, “I am excited to partner with Rajiv and ALPA to accelerate our vision to offer Plasma-based Bioactive Materials to restore and repair human tissue for a range of aesthetics/soft tissue and orthopedic indications.”
Echoing the sentiment, Shukla said, “I look forward to working with Randy and the Carmell team to build an Industry-leading regenerative medicine company through a combination of in-house product development, bolt-on acquisitions and business development aimed at aesthetics/soft tissue and orthopedic indications.”
The definitive agreement for the business combination was entered by Alpha Healthcare Acquisition Corp. III and Carmell Therapeutics on January 4, 2023, and received approval from the stockholders of both companies by July 11, 2023. Post-tax obligations and redemption requests, the ALPA Trust was left with gross proceeds of approximately $29.4 million. Goodwin Procter LLP provided legal counsel to Alpha Healthcare Acquisition Corp. III, while Carmell Therapeutics was represented by Troutman Pepper Hamilton Sanders LLP.
Alpha Healthcare Acquisition Corp. III is a SPAC formed to facilitate a business combination in the healthcare sector, founded by Rajiv Shukla, a seasoned professional with over two decades of experience in healthcare industry buyouts, investments, and operations.
Carmell Therapeutics is engaged in the development of allogeneic plasma-based biomaterials aimed at enhancing regenerative pathways across a variety of bone and soft tissue indications. Currently, in Phase 2, the company has received FDA clearance for a clinical trial designed to study accelerated healing and reduced infections in open tibia fractures with intramedullary rodding.
Carmell Therapeutics is also planning to initiate a Phase 2 trial for Foot/Ankle Fusion, and pre-clinical development is underway in several other areas.