Full Press Release Details
Secures $50 Million Debt Facility with Silicon Valley Bank
Durham, N.C.- April 14, 2021 - Humacyte, Inc., a
clinical-stage biotechnology platform company developing universally implantable bioengineered human tissue at commercial scale, today
announced the closing of a secured debt financing facility with Silicon Valley Bank for up to $50 million, of which the first $20 million
was funded at closing.
"This financing further strengthens Humacyte's financial
and operational flexibility as we advance the broad development of our pipeline, prepare for near-term Phase 3 data readouts of our potential
first-in-class Human Acellular Vessels (HAVs) in arteriovenous vascular access and vascular trauma, and prepare to become a publicly traded
company," said Laura Niklason, M.D., Ph.D., Chief Executive Officer of Humacyte. "We are grateful for the support from SVB,
who share our vision for the potential of Humacyte's universally implantable regenerative human tissue to transform the way we care
On February 17, 2021, Alpha Healthcare Acquisition Corp. (Nasdaq: AHAC),
a special purpose acquisition company, and Humacyte announced the execution of a definitive business combination agreement along with
a fully committed $175 million PIPE financing agreement.
Under the terms of the debt facility, Humacyte will have access to
up to an additional $30 million in three tranches contingent on the achievement of certain business and clinical development milestones.
The debt facility will mature on March 1, 2025, with up to three total years of interest-only payments.
"We're proud to support Humacyte and the development of
their Human Acellular Vessels, a treatment which has the potential to bring life-changing solutions for patients affected by vascular
degeneration," said Scott McCarty, Director of Life Sciences and Healthcare at Silicon Valley Bank. "We look forward to continuing
our relationship with Humacyte as they scale and grow."
Humacyte, Inc., is developing a disruptive
biotechnology platform to deliver universally implantable bioengineered human tissues and organs designed to improve the lives of patients
and transform the practice of medicine. The Company develops and manufactures acellular tissues to treat a wide range of diseases, injuries
and chronic conditions. Humacyte's initial opportunity, a portfolio of human acellular vessels (HAVs), is currently in late-stage
clinical trials targeting multiple vascular applications, including vascular trauma repair, arteriovenous access for hemodialysis, and
peripheral arterial disease. Pre-clinical development is also underway in coronary artery bypass grafts, pediatric heart surgery, treatment
of type 1 diabetes, and multiple novel cell and tissue applications. Humacyte's HAVs were the first product to receive the FDA's
Regenerative Medicine Advanced Therapy (RMAT) expedited review designation and received priority designation for the treatment of vascular
trauma by the U.S. Secretary of Defense. For more information, visit www.Humacyte.com.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped
innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through
its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the
unique needs of innovators. Learn more at svb.com.
About Alpha Healthcare Acquisition Corp.
Alpha Healthcare Acquisition Corp. (ticker: AHAC)
is a special purpose acquisition company formed for the purpose of effecting a business combination with one or more businesses in the
healthcare sector ("AHAC"). The company was founded by Mr. Rajiv Shukla who has two decades of buyouts, investments and operations
experience in the healthcare industry. Mr. Shukla previously served as Chairman and Chief Executive Officer of Constellation Alpha
Capital Corp., a Nasdaq-listed special purpose acquisition company, that merged with DermTech, Inc (ticker: DMTK) in August 2019.
On February 17, 2021, AHAC announced a definitive agreement to merge with Humacyte, Inc. along with a concurrent fully committed PIPE
placement of $175 million of AHAC common shares at a price of $10.00 per share.
Important Information About the Merger and
A full description of the terms of the business
combination will be provided in a registration statement on Form S-4 filed with the SEC by AHAC that includes a prospectus with respect
to the Combined Company's securities to be issued in connection with the business combination and a proxy statement with respect
to the shareholder meeting of AHAC to vote on the business combination. AHAC urges its investors, shareholders and other interested
persons to read, the preliminary proxy statement/ prospectus as well as other documents filed with the SEC because these documents will
contain important information about AHAC, Humacyte and the business combination. After the registration statement is declared
effective, the definitive proxy statement/prospectus included in the registration statement will be mailed to shareholders of AHAC as
of a record date to be established for voting on the proposed business combination. Shareholders will also be able to obtain a copy of
the Form S-4, including the proxy statement/prospectus, and other documents filed with the SEC without charge, by directing a request
to: Alpha Healthcare Acquisition Corp., Attn: Secretary, 1177 Avenue of the Americas, 5th Floor, New York, New York
10036. The preliminary and definitive proxy statement/prospectus to be included in the registration statement, can also be obtained, without
charge, at the SEC's website (www.sec.gov).
Participants in the Solicitation
AHAC and Humacyte and their respective directors
and executive officers may be considered participants in the solicitation of proxies with respect to the proposed business combination
described in this press release under the rules of the SEC. Information about the directors and executive officers of AHAC is set forth
in AHAC's final prospectus filed with the SEC pursuant to Rule 424(b) of the Securities Act of 1933, as amended (the "Securities
Act") on September 17, 2020, and is available free of charge at the SEC's website at www.sec.gov or by directing a request
to: Alpha Healthcare Acquisition Corp., Attn: Secretary, 1177 Avenue of the Americas, 5th Floor, New York, New York
10036. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the AHAC shareholders
in connection with the proposed business combination will be set forth in the registration statement containing the proxy statement/prospectus
for the proposed business combination. These documents can be obtained free of charge from the sources indicated above.
Forward-Looking Statements
This press release contains forward-looking
statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking
statements by the following words: "may," "will," "could," "would," "should,"
"expect," "intend," "plan," "anticipate," "believe," "estimate,"
"predict," "project," "potential," "continue," "ongoing" or the negative of
these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve
risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially
different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable
basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination
of facts and factors currently known by us and our projections of the future, about which we cannot be certain. Forward-looking statements
in this press release include, but are not limited to, statements regarding the proposed business combination, including the timing and
structure of the business combination, the proceeds of the business combination, and the benefits of the business combination, as well
as statements about the debt financing facility with Silicon Valley Bank, the potential attributes and benefits of Humacyte's product
candidates and the format and timing of Humacyte's product development activities and clinical trials. We cannot assure you that
the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number
of significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among others,
the ability to complete the business combination due to the failure to obtain approval from AHAC's shareholders or satisfy other
closing conditions in the Business Combination Agreement, the occurrence of any event that could give rise to the termination of the Business
Combination Agreement, the ability to recognize the anticipated benefits of the business combination, the outcome of any legal proceedings
that may be instituted against AHAC or Humacyte following announcement of the proposed business combination and related transactions,
the impact of COVID-19 on Humacyte's business and/or the ability of the parties to complete the business combination, the ability
to obtain or maintain the listing AHAC's common stock on Nasdaq following the proposed business combination, costs related to the
proposed business combination, changes in applicable laws or regulations, the possibility that Alpha Healthcare Acquisition Corp. or Humacyte
may be adversely affected by other economic, business, and/or competitive factors, and other risks and uncertainties, including those
to be included under the header "Risk Factors" in the registration statement on Form S-4 filed by AHAC with the SEC and those
included under the header "Risk Factors" in the final prospectus of AHAC related to its initial public offering. Most of these
factors are outside of AHAC's and Humacyte's control and are difficult to predict. Furthermore, if the forward-looking statements
prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements,
you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and
plans in any specified time frame, or at all. The forward-looking statements in this press release represent our views as of the date
of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect
to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent
required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date
subsequent to the date of this press release.