SeaStar Medical, which is developing extracorporeal therapies to reduce the consequences of excessive inflammation on vital organs, and LMF Acquisition Opportunities today announced plans to merge at a combined enterprise value of $85 million.
The transaction is expected to position SeaStar to accelerate the development and advancement of its lead programs for acute kidney injury in both pediatric and adult patients, as well as advance other SeaStar Medical programs in acute and chronic indications.
The SPAC, which in abbreviated form is known as LMFAO, raised $90 million in a January 2021 IPO with plans at that time to focus on acquiring a business within the financial services industry and related sectors, including FinTech, with an enterprise value of approximately $250 million to $500 million.
The Dow Chemical Company Pension Plans, as existing investors of SeaStar Medical, are committed to further participate in the transaction through a PIPE investment. The amount was not disclosed in the news release. Read more.
