India, Sept. 24 -- Celularity Inc. (CELU) announced the initial closing of a financing that generated more than $10 million in gross cash proceeds as part of a broader recapitalization plan of up to $28 million.
The recapitalization plan combines up to $25 million in new capital with the restructuring of approximately $3 million in existing debt.
The company said the financing is intended to support commercial execution, manufacturing expansion and revenue-generating opportunities.
Celularity is a regenerative and cellular medicine company developing and manufacturing placenta-derived cellular therapies, including its investigational cenplacel-L cell therapy.
The financing follows operating improvements that have reduced the company's m...