Axolotl Biologix and Carmell Therapeutics Merge to Pioneer Regenerative Medicine Advancements

Flagstaff, Arizona, 12th September 2023 — In a groundbreaking move set to reshape the landscape of regenerative medicine, Flagstaff-based biotechnology firm, Axolotl Biologix, has finalized a merger with Carmell Therapeutics (Nasdaq: CTCX). This strategic partnership marks a significant milestone in the field, with a specific focus on active soft tissue repair, aesthetics, and orthopaedic applications.

Under the terms of the merger agreement, Axolotl Biologix's shareholders are set to receive an Initial Equity Value of $65 million, comprising $8 million in cash and $57 million in CTCX stock upon the merger's completion. In addition, there is the potential for up to $75 million in Milestone Equity Payments, structured as 12% cash and 88% in CTCX stock, subject to the achievement of specific revenue and business milestones.

The merger brings together two significant players in regenerative medicine. Axolotl Biologix, known for its pioneering work in the field, has gained recognition for its innovative products designed for soft tissue repair, aesthetic procedures, and orthopaedic applications. On the other hand, Carmell Therapeutics is a renowned industry leader in leveraging the body's innate healing capabilities.

This collaboration is expected to create a powerful force in the market, merging Carmell's scientific expertise with Axolotl's practical innovations. The joint entity is well-positioned to drive significant advancements in the regenerative medicine sector.

Scott Hathcock, President & CEO of Moonshot, the organization behind Axolotl Biologix, expressed enthusiasm for the merger, stating, "The merger between Carmell Therapeutics and Axolotl Biologix exemplifies the kind of innovation and growth that Moonshot is dedicated to nurturing. Axolotl has been an outstanding client at our Flagstaff campus, and this merger with an industry leader like Carmell Therapeutics is a significant step forward for the future of regenerative medicine."

Dr. Robert Kellar, founder of Axolotl Biologix, noted that this merger represents a milestone for both companies and underscores the value of their relationship with Moonshot at the Northern Arizona Center for Emerging Technologies (NACET).

This transformative merger is expected to usher in a new era of regenerative medicine, with the combined strengths of Axolotl Biologix and Carmell Therapeutics poised to drive pioneering breakthroughs that will benefit patients globally.