06:21 AM EDT, 03/21/2024 (MT Newswires) -- Carmell ( CTCX ) said late Wednesday that it has executed an agreement to sell its unit, Axolotl Biologix, which it acquired for $65 million in August of last year.

Carmell ( CTCX ) said the sale is back to the initial sellers of Axolotl.

The deal includes about 3.85 million shares of Carmell ( CTCX ) ordinary stock, 4,243 shares of Carmell ( CTCX ) preferred stock, and $8 million in notes payable to the initial sellers.

Carmell ( CTCX ) said it expects a $4 million drop in annualized cash burn, a $15.6 million debt reduction, and a $7 million increase in tangible equity as a result of the Axolotl sale.

Shares of the company jumped 7.6% in recent premarket activity Thursday.

Price: 2.83, Change: +0.2, Percent Change: +7.6