SeaStar Medical plans to progress programmes for acute and chronic inflammations. Credit: JAFAR AHMED / Unsplash.

SeaStar Medical and LMF Acquisition Opportunities (LMAO), a company sponsored by LM Funding America, have announced the completion of a merger agreement.

Announced in April, the deal is anticipated to create nearly $85m enterprise value For SeaStar Medical.

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Following unanimous approval by the boards of both companies, LMAO has been rebranded SeaStar Medical Holding Corporation.

The combined entity will become a publicly listed company, with its common stock and warrants set to commence trading on Nasdaq soon.

SeaStar Medical Holding Corporation president and CEO Eric Schlorff said: “This transaction provides us greater resources to advance our Selective Cytopheretic Device (SCD) for patients suffering from the devastating consequences of hyperinflammation.

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“We have submitted our Humanitarian Device Exemption (HDE) application to the US Food and Drug Administration (FDA) for paediatric use, and we plan to launch a pivotal study of the SCD in adults with acute kidney injury (AKI) in the first quarter of 2023.

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“As a public company, we will be better positioned to move these programmes forward.”

Through this deal, SeaStar Medical plans to progress other programmes for acute and chronic inflammations, including Covid-19-associated conditions.

Under the terms of the merger, the new company will be run by the management team of SeaStar Medical, led by Schlorff.

Caryl Baron will be the company’s interim CFO.

LM Funding chairman and CEO Bruce Rodgers said: “We are extremely pleased that the transaction received the overwhelming support of the stockholders of LMF Acquisition and believe it will unlock significant value for the stockholders of LM Funding and SeaStar Medical.

“We look forward to supporting SeaStar Medical Holding Corporation as they continue to advance potentially lifesaving therapies as a public company.”