Leave a request
Humacyte Inc, a developer of universally implantable bioengineered human tissues and organs, said on Wednesday it has agreed to a deal to go public through a merger with blank-check acquisition company Alpha Healthcare Acquisition Corp.
The deal is expected to give Humacyte a market value of around $1.1 billion, Humacyte and Alpha Healthcare said in a statement. The share price of Alpha Healthcare, which is a special purpose acquisition company (SPAC), closed up 20.9%.
The merger will give Humacyte around $255 million in cash. Of this, Alpha Healthcare will provide $100 million with the rest coming from a private investment in public equity, or PIPE, transaction. Investors in the PIPE include dialysis company Fresenius Medical Care and OrbiMed.
“To take the story to the next level, particularly to commercialize our products, which since we’re in Phase III we’re looking at commercialization in the next couple years, and also to drive forward our pipeline, we felt that accessing the public markets made a lot of sense,” Humacyte founder and Chief Executive Dr. Laura Niklason said in an interview.
Niklason founded Durham, North Carolina-based Humacyte in 2004. The company is developing lab-grown blood vessels that can be implanted in any patient, currently in a late-stage trial involving patients with vascular trauma - a life-threatening injury to their blood vessels.
Niklason said the company expects to finish patient recruitment for that trial in 2022 and hopes to have regulatory approval by 2023.
by Ella Jones | Linkedin
Leave a request