As part of the post-merger planning process, Carmell announced the following changes effective
Rajiv Shukla , Executive Chairman of Carmell to serve as Chairman & CEO of Carmell.Randy Hubbell to step down as CEO and serve as Advisor to the Chairman & CEO in addition toJosh Sandberg , former CEO of Axolotl who is serving in a similar role.- Changes to Carmell’s Board of Directors underway with three board members to step down and candidates with a background in aesthetics being recruited.
- Milestone payment of
$8 million to Axolotl Biologix rescheduled toAug 31, 2024 . - Projected post-merger savings anticipated to be nearly
$3 million per annum, including from the termination of certain executives serving as part-time consultants and full-time employees in non-core areas or overlapping business functions. - Focus on programs in aesthetics that have shorter paths to commercialization, specifically in skin rejuvenation and dental bone healing.
“On behalf of
About Carmell
Carmell is a commercial stage regenerative care company with a focus on using human biomaterials for aesthetics (skin and dental) and skin healing. Their commercial product is human amnion allograft that can be used for the healing of diabetic foot ulcers, venous ulcers, recovery from MOHS surgery, conjunctival and corneal healing, and dental, endodontic, oral maxillofacial, and periodontal regenerative procedures. Carmell’s R&D pipeline includes cosmetic and dental products under development. For more information, visit www.carmellrx.com
Forward-Looking Statements
This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. Forward-looking statements in this press release include, but are not limited to, the leadership of the company, the savings from the post-merger integration, as well as statements about the potential attributes and benefits of Carmell’s product candidates and the format and timing of Carmell’s product development activities and clinical trials. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among others, the ability to recognize the anticipated benefits of the transaction, the outcome of any legal proceedings that may be instituted against Carmell, the impact of COVID-19 on Carmell’s business, changes in applicable laws or regulations, the possibility that Carmell may be adversely affected by other economic, business, and/or competitive factors, and other risks and uncertainties, including those to be included under the header “Risk Factors” in the registration statement on Form S-4 filed by ALPA with the
Contacts:
Rajiv Shukla
Chairman & CEO
rshukla@carmellrx.com
Source:
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