Carmell Sharpens Aesthetics Focus with Execution of Definitive Agreement to Sell Axolotl Biologix Subsidiary [Yahoo! Finance]
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L'OREAL UNSP/ADR (LRLCY)
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Source: Yahoo! Finance
health (“Carmell”, the “Company”, “we”, “our”, or “us”), today announced the execution of a definitive agreement to sell its wholly owned subsidiary, Axolotl Biologix (“AxoBio”) to the initial sellers of AxoBio for 3,845,337 shares of Carmell common stock, 4,243 shares of Carmell preferred stock and notes payable to the initial sellers in the aggregate amount of $8 million. “The sale of AxoBio enables our exit from the tissue graft space thereby facilitating a sharper organizational focus on the launch of our skincare products beginning in March 2024 and continuing over Summer 2024,” said Rajiv Shukla, Chief Executive Officer of Carmell. In August 2023, Carmell acquired AxoBio for $65 million, which consisted of unsecured promissory notes in the aggregate amount of $8 million and $57 million in CTCX common and preferred stock (8.09 million fully diluted shares at $7.05 per share) issued by Carmell to the initial sellers. AxoBio's product portfolio consists of a commercial-stage am
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