Biostage lands $1M investment
Courtesy
Biostage CEO Jim McGorry.
Holliston biotech Biostage has secured another investment, $1 million from a private investor named Jinhui Liu.
Per the agreement, Liu is purchased 302,115 shares of Biostage’s common stock for a price of $3.31 per share.
The investment comes as the company shifts to focus on the Asian market for medical devices to treat esophageal ailments, due in part to a $4.1-million investment from a group of Chinese investors finalized last month.
Those funds, coupled with a $100,000 investment from the Connecticut Children's Medical Center, helped bring the company out of near bankruptcy after laying off 71-percent of its workforce and being delisted from NASDAQ last year.
According to filings with the U.S. Securities and Exchange Commission, Liu has paid a $100,000 deposit toward the purchase price.
The investment is expected to close later this month.
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