Biostage makes $5M stock offering
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The bioengineered organ implant company Biostage has announced it will release 2.8 million shares of common stock in an effort to raise $5 million.
The Holliston company, formerly known as Harvard Apparatus Regenerative Technology, announced Monday it would offer approximately 2.8 million shares of common stock at a purchase price of $1.7625 per share. The gross proceeds from the sale will be approximately $5 million, according to a release from the company.
The funds will be used for general corporate purposes, including research and development and advancing Biostage's Cellframe technology toward filing an application with the U.S. Food and Drug Administration later this year for clinical trials of its esophageal implants. These implants were recently successfully used in a study on pigs to completely regenerate a section of esophagus.
The stock offering is expected to close this Thursday.
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