Celularity announces up to $12M of capital from Philip Barach

Celularity (CELU) announced that it has entered into two binding term sheets for a senior secured term loan and a secured convertible note financing with Philip Barach, co-founder and former president of DoubleLine Capital. The financing transactions are contingent upon the parties executing formal transaction agreements, which the parties expect to do shortly. Under the terms of the binding term sheets, Celularity expects to receive initial proceeds of $10M, with the availability of additional funding of up to $2M, subject to certain conditions and the investor’s election. “This financing, when completed, is expected to provide flexibility to further evolve our mission, sharpening our focus on advancing our core placental-derived technologies and thoughtfully aligning our organizational structure and resources to support our strategic priorities around longevity and preservation of human performance,” said Robert Hariri, CEO of Celularity.”