Elutia closes Orthobiologics divestiture for up to $35M in cash proceeds

ELUTIA INC.

Upfront payment of $15M due Nov 17, 2023, plus up to $20M earnout over 5 years.
Combined with Sept 2023 private placement, total potential cash exceeds $60M.
Company refocuses on drug-eluting biomatrix platform, including CanGaroo RM.
Transaction closed Nov 8; buyer is Berkeley Biologics (GNI Group subsidiary).
Mizuho Securities acted as financial advisor; Kilpatrick Townsend as legal advisor.

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