Carisma Therapeutics, Inc. (CARM), a biopharmaceutical company, on Monday announced an all-stock deal to merge with OrthoCellix, Inc., a subsidiary of Ocugen, Inc. (OCGN), to focus on advancing OrthoCellix's NeoCart technology.
The boards of both companies have unanimously approved the deal, which is expected to be completed in the second half of 2025.
Under the agreement, OrthoCellix will merge into a wholly-owned subsidiary of Carisma and continue as the surviving entity under Carisma.
After the merger closes, Carisma will be renamed OrthoCellix, Inc. and will trade on the Nasdaq Capital Market under the new ticker symbol 'OCLX.'
Once the deal closes and the planned $25 million concurrent financing is completed, OrthoCellix's stockholder and other financing participants are expected to own about 90% of the combined company. The existing Carisma stockholders are expected to hold around 10%, all on a fully diluted basis.
OrthoCellix's NeoCart technology is designed to treat knee cartilage defects.
Ocugen Chairman, Chief Executive Officer, and Co-founder Shankar Musunuri stated that NeoCart has significant potential to revolutionize cartilage repair and emphasized that OrthoCellix was established with dedicated resources to deliver this advanced technology to patients in need.
OrthoCellix anticipates launching its Phase 3 clinical trial by the end of 2025.
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