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Alpha Healthcare Acquisition Corp. III (Nasdaq: ALPA) is a special purpose acquisition company (SPAC) founded by Mr. Rajiv Shukla with a focus on the healthcare sector. Leveraging Mr. Shukla's over two decades of experience in buyouts, investments, and operations in the industry, ALPA aims to identify and merge with promising healthcare companies to drive innovation and growth.
ALPA recently announced a significant milestone with the execution of a non-binding letter of intent (LOI) to acquire a commercial stage regenerative medicine company (the 'Target'). This acquisition is contingent upon the closing of ALPA's initial business combination with Carmell Therapeutics Corporation, a Phase 2 stage regenerative medicine platform company. Carmell is developing allogeneic plasma-based biomaterials aimed at active soft tissue repair, aesthetics, and orthopedic indications.
The business combination with Carmell Therapeutics was approved by ALPA stockholders and is expected to close shortly, subject to closing conditions. Upon closing, the combined company will be renamed Carmell Therapeutics Corporation and will trade on the Nasdaq Capital Market under the ticker symbol 'CTCX'. Mr. Shukla will serve as Executive Chairman, while Mr. Randy Hubbell will be the CEO.
The Target specializes in manufacturing and developing human allograft products for soft tissue repair, aesthetics, and orthopedic applications, meeting all FDA regulatory standards. As of March 31, 2023, the Target recorded approximately $50 million in unaudited trailing twelve-month (TTM) net revenue and $5 million in unaudited TTM EBITDA. Notable achievements include inclusion of two products in CMS Part B Drug and Biological Average Sales Price pricing files and becoming a preferred vendor for one of the top 3 largest group purchasing organizations in the U.S.
The transaction terms include an Initial Equity Value of $65 million for the Target's shareholders, with additional Milestone Equity Payments of up to $75 million linked to revenue and business goals. The transaction is expected to close in the second half of 2023.
ALPA's strategic vision, combined with Carmell’s innovative approach to regenerative medicine, positions the company for significant growth and market impact. For more details, visit www.constellationalpha.com.
Alpha Healthcare Acquisition Corp. III (NASDAQ: ALPA) has entered a definitive business combination agreement with Carmell Therapeutics Corporation, a Phase 2-stage biotech firm specializing in allogeneic plasma-based biomaterials for tissue healing. Post-transaction, ALPA will be renamed as Carmell and is expected to have a market cap of approximately $328 million. With 15 million shares exchanged, existing Carmell shareholders will own about 46% of the Combined Company. The deal aims to leverage Carmell's innovative technology to improve patient outcomes and reduce costs.
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