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0.370967741935484 0.306451612903226 0.387096774193548 0.548387096774194 0.443548387096774 0.435483870967742 0.467258064516129 0.459677419354839
Stock impact report

Elutia Announces Sale of Orthobiologics Business Unit for Cash Proceeds of Up to $35 Million

Elutia, Inc. - Class A (ELUT) 
Company Research Source: GlobeNewswire
– Transaction Reflects Increasing Strategic Focus on Proprietary Drug-Eluting Biomatrix Platform – SILVER SPRING, Md., Sept. 18, 2023 (GLOBE NEWSWIRE) -- Elutia Inc. (Nasdaq: ELUT) (“Elutia”), a company pioneering drug-eluting biomatrix products, today announced the divestiture of the Company’s Orthobiologics business unit to Berkeley Biologics LLC, a wholly owned subsidiary of GNI Group Ltd. Elutia will receive cash proceeds of up to $35 million, comprised of an upfront payment at closing of $15 million plus potential earnout payments of up to $20 million over a five-year period. The transaction is expected to close in the fourth quarter of 2023. This transaction represents a pivotal milestone in Elutia’s progress toward pioneering the drug-eluting biomatrix. The Company continues to make progress towards gaining U.S. Food and Drug Administration clearance for CanGaroo® RM, the Company’s lead drug-eluting product. CanGaroo RM features an advanced biomatrix and the drugs rifam Show less Read more
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