Elutia raises $26M for drug-eluting biomatrix tech

Elutia (Nasdaq:ELUT) announced today that it entered into a securities purchase agreement worth total proceeds of $26.2 million.

The drug-eluting biomatrix company expects the private placement financing to result in initial gross proceeds of approximately $10.5 million. The full exercise of warrants would add $15.8 million to reach a total of $26.2 million.

Silver Spring, Maryland-based Elutia expects the cash raised to support the advancement of its drug-eluting biomatrix products. The company also expects the divestiture of its orthobiologics business to aid in the effort. Elutia develops its drug-eluting products for the pacemaker and defibrillator market, plus breast reconstruction post-mastectomy.

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