SILVER SPRING, Md., Nov. 09, 2023 - Elutia Inc. (Nasdaq: ELUT) has recently completed the divestiture of its Orthobiologics business unit to Berkeley Biologics LLC, a subsidiary of GNI Group Ltd. This strategic move allows Elutia to redirect its efforts and resources toward its proprietary drug-eluting biomatrix platform. In addition to gaining a cash infusion of up to $35 million, Elutia is now fully concentrated on the high-growth potential of its biomatrix product platforms.
Dr. Randy Mills, Elutia’s President and CEO, affirmed the company’s commitment to its revolutionary drug-eluting biomatrix technology, stating, “By divesting our Orthobiologics business and focusing on our biomatrix product platforms, including the exciting CanGaroo®RM, we are poised to bring groundbreaking advancements to the medical device industry.” This shift in focus positions Elutia as a leader in improving compatibility between medical devices and patients, catering to the growing demand for implantable technologies.
With the completion of the divestiture and the recent September financing, Elutia has raised over $60 million, ensuring ample capitalization to advance its drug-eluting biomatrix platform. The company’s exceptional team, known for their dedication and focused execution, has played a pivotal role in driving Elutia’s success.
Elutia’s commitment to humanizing medicine and enabling patients to thrive without compromise underscores their mission in delivering innovative biologic products. The company aims to enhance the quality of life for patients and address the evolving needs of the medical community.
FAQ:
Q: What is Elutia’s primary focus now?
A: Elutia is now focusing on its proprietary drug-eluting biomatrix platform.
Q: What was divested by Elutia?
A: Elutia completed the divestiture of its Orthobiologics business unit.
Q: How much cash did Elutia receive from the divestiture?
A: Elutia received up to $35 million in cash proceeds from the divestiture.
Q: How much capital has Elutia raised in total?
A: Elutia has raised over $60 million in total capital, including the recent September financing.