Elutia Inc. (NASDAQ: ELUT) shares were static Tuesday. The company, a pioneer in drug-eluting biomatrix technologies, today announced it completed the sale of its SimpliDerm® human acellular dermal matrix business to Cellution Biologics Inc. for total consideration of up to $11 million.
Total proceeds are comprised of $8 million at closing, subject to customary adjustments for inventory levels and transaction expenses, plus additional contingent milestone payments of up to $3 million over the next 18 months.
The transaction strengthens the Company’s balance sheet with non-dilutive capital and positions Elutia to focus strategically on NXT-41x, its proprietary drug-eluting biomatrix. The Company expects FDA clearance of NXT-41x in the first half of 2027. With the closing of this transaction and previously announced funding sources, the Company believes it has secured sufficient funding to support operations through the first full year of the NXT-41x commercial launch in 2028.
“Completing this divestiture reflects the discipline and commitment the Elutia team brings to everything we do,” said Dr. Sonali Fonseca, Vice President of Emerging Business, who led the divestiture effort. “It is another important step forward in our mission to Humanize Medicine by providing additional funding while sharpening our focus on bringing NXT-41x to patients so they can thrive without compromise.”
ELUT shares dipped 0.4 cents to 98 cents.
