DURHAM – Humacyte, a pioneer in the bioengineering of human tissue, is expecting to see stock begin trading on the Nasdaq today as part of a combination with Alpha Healthcare Acquisition Corp – and it is doing so with a new chair.
Kathleen Sebelius, a former Secretary of the Department of Health and Human Services, will lead the new Humacyte board, which was formed earlier as part of the move toward the IPO. The move was announced Thursday after the stock markets closed.
The company is valued at more than $1 billion.
Humacyte shares will trade under the symbols HUMA and HUMAW on the Nasdaq Global Select Market. Company execs are scheduled to ring the Nasdaq closing bell on Monday.
Humacyte’s platform technology creates engineered, off-the-shelf replacement tissue that can be implanted in humans. The company launched in 2004.
Laura Nikalson will continue to lead Humacyte as CEO. Nikalson led Humacyte through the IPO process beginning earlier this year known as a SPAC, or special purpose acquisition company. It’s also known as a “blank check company.”
In combing with Alpha Healthcare Acquisition Corp. (an already public firm trading on the Nasdaq as AHAC), Humacyte raised some $245 million in capital. The combination of the firms was approved by AHAC shareholders last week.
In a statement, Rajiv Shukla, Chairman & CEO of AHAC, pointed out the strengths he sees in the Humacyte technology:
“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.
“I am excited to work with the Humacyte Board and Team to fulfill this vision.”
Monday’s closing bell ceremony is scheduled to be shown live at https://livestream.com/nasdaq/live