Lake Street is pleased to announce that it served as sole placement agent for Elutia, Inc. (NasdaqCM:ELUT) in its private placement financing that is expected to result in initial gross proceeds to the Company of approximately $10.5 million. Each common stock purchase warrant is exercisable at $1.4275 per share at any time until the earlier of: a) 30 trading days after the FDA clearance of the Company’s CanGaroo®RM antibiotic-eluting biologic envelope or b) five years from the date of issuance. The full exercise of warrants included in the financing would add $15.8 million, for total gross proceeds of $26.25 million. Cash raised will support the Company’s advancement of its drug-eluting biomatrix products for the cardiac pacemaker and defibrillator market and breast reconstruction post-mastectomy.
Elutia, Inc., a commercial-stage biotechnology company, engages in developing and commercializing drug-eluting biomatrix technology to enhance surgical outcomes. It offers CanGaroo Envelope, which is used for the stabilization of implantable cardiac devices, such as pacemakers and defibrillators. The company also engages in the development of CanGarooRM for delivery directly to the surgical site. In addition, it offers SimpliDerm Acellular Dermal Matrix used primarily in breast reconstruction following mastectomy. The company was formerly known as Aziyo Biologics, Inc. and changed its name to Elutia Inc. in September 2023.
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