Transaction with special purpose acquisition company totals $138 million.
Celularity Inc., a clinical-stage cellular medicine company developing off-the-shelf allogeneictherapies derived from the postpartum human placenta, announced the closing of a merger with GX Acquisition Corp., a special purpose acquisition company (SPAC). Proceeds from the transaction totaled approximately $138 million. The combined, publicly traded company will operate under the name Celularity, Inc., and its common stock will commence trading on the Nasdaq Capital Market on July 19, 2021, under the ticker symbol “CELU.”
Celularity Founder, Chairperson and CEO, Robert J. Hariri, MD, PhD, said, “We are driven as an organization to establish Celularity as a world leader in the development and delivery of innovative off-the-shelf allogeneic cellular medicines for patients with high unmet need at unparalleled scale, quality and cost.” Hariri further noted in a statement that it is exciting to be entering the field of Regenerative Medicine focused on developing novel cellular medicines as a new publicly-traded biotechnology company at this time of science and medical advancements.
Hariri has decades of R&D experience. The company’s pipeline is centered on its biologic CYNK-001, a non-genetically modified cryopreserved human placental hematopoietic stem cell-derived natural killer (NK) cell therapy. CYNK-001 is currently in a Phase I trial for patients with acute myeloid leukemia (AML) and has been granted Orphan Drug Designation by the FDA for the treatment of patients with malignant gliomas. In addition, CYNK-001 received a positive recommendation from an independent Data Monitoring Committee to continue advancing the company’s Phase I/II COVID-19 trial.
Read more about the merger here.