Alpha Healthcare Acquisition III said it signed a non-binding letter of intent to acquire a commercial stage regenerative medicine company if the SPAC completes its merger with Carmell Therapeutics.
Carmell is a Phase 2 stage regenerative medicine platform company developing allogeneic plasma-based biomaterials for active soft tissue repair, aesthetics and orthopedic indications.
Alpha Healthcare III has set a stockholders meeting for July 11 at 11 am Eastern to to vote on the Carmell deal. Stockholders of record as of June 20 are eligible to vote. The redemption deadline is July 7.
Announced in January at a $328 million valuation, the combined company is expected to receive gross proceeds of $154 million at closing.
Alpha Healthcare III raised $150 million in a July 2021 IPO. The SPAC is led by Rajiv Shukla, former CEO of Reliance Defense & Engineering.
Carmell has raised more than $20 million from firms including Harbor Light Capital Partners, Medivate Partners and Keiretsu Forum. Read more.
