Humacyte, Inc., a clinical-stage biotechnology platform company developing universally implantable bioengineered human tissue at commercial scale, today announced the successful completion of its business combination (the "Business Combination") with Alpha Healthcare Acquisition Corp. (Nasdaq: AHAC) ("AHAC"), a special purpose acquisition company sponsored by Constellation Alpha Holdings. The resulting combined company, Humacyte, is expected to commence trading of its shares of common stock and warrants on the Nasdaq Global Select Market® under the ticker symbols "HUMA" and "HUMAW," respectively, on August 27, 2021. The Business Combination was approved by AHAC stockholders on August 24, 2021.
Humacyte's Human Acellular Vessels (HAVs) are engineered, off-the-shelf replacement vessels initially being developed for vascular repair, reconstruction and replacement. HAV is intended to overcome long-standing limitations in vascular repair and replacement - it can be manufactured at commercial scale, it has the potential to eliminate the need for harvesting a vessel from a patient, and clinical evidence suggests that it is non-immunogenic, infection-resistant, and can become durable living tissue. HAV is currently being evaluated in two Phase 3 trials in AV access and a Phase 2/3 trial for vascular trauma, and has been implanted in more than 430 patients. It is the first product to receive Regenerative Medicine Advanced Therapy (RMAT) designation from the U.S. Food and Drug Administration, and has also received FDA Fast Track designation.
"Humacyte is poised to make commercial-scale bioengineered tissues a reality for patients," said Laura Niklason, M.D., Ph.D., Founder, President and Chief Executive Officer. "We enter the next phase of our transformation of regenerative medicine as a robust public company, evaluating our first-in-class bioengineered HAVs in numerous indications. We set out with the lofty goal of changing the practice of medicine, and we are closer than ever today thanks to the unwavering commitment of our employees, our partners and our investors. I am confident that we have the right team, including the appointment of Kathleen Sebelius as Chair of our Board, to deliver on the promise of our breakthrough science."
Humacyte will continue to be led by Dr. Niklason and its current executive team. Dr. Niklason is one of only a handful of women in history to found a biotechnology company that she also took public as the CEO, at a valuation exceeding $1 billion. Ms. Sebelius, CEO of Sebelius Resources and former Secretary of the Department of Health and Human Services, has been appointed Chair of the Company's Board of Directors. All previously announced post-Business Combination Board nominees have also been elected to serve as directors of Humacyte.
"Humacyte's innovative biotechnology platform is aimed at solving intractable medical problems for (1) Patients: potential for lower risk of amputation and tissue rejection, elimination of waiting times, and reduced need for immunosuppression and additional surgeries; (2) Physicians: potential for better clinical outcomes and ease of use; and (3) Payors: potential cost savings by avoiding amputations and infections, additional surgeries, medication and re-hospitalizations," said Rajiv Shukla, Chairman & CEO of AHAC. "I am excited to work with the Humacyte Board and Team to fulfill this vision."
"Humacyte is a pioneer both in the field of regenerative medicine and as a woman-founded biotech company, where an innovative culture and world-class science have come together to make a meaningful difference for patients and the practice of medicine," said Ms. Sebelius. "With a validated HAV platform technology and vast potential application, compelling data, a well-defined regulatory pathway, and scalable, proprietary commercial-scale manufacturing capability, Humacyte has all the ingredients to revolutionize patient care. It's been an honor to serve on Humacyte's Board for the past six years, and I now look forward to leading the Board and collaborating with the Humacyte leadership team in the important work ahead."
Transaction Details
As a result of the Business Combination, the Company has received gross proceeds of approximately $245 million, including a $175 million PIPE financing and ...
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