Holliston's Biostage making $8M stock offering
PHOTO/LAURA FINALDI
Biostage CEO Jim McGorry (left) and Chief Medical Officer Saverio La Francesca hold one of the company's synthetic scaffolds that have worked to regrow esophaguses in pigs.
Holliston organ implant company Biostage is offering roughly $8 million in stock, three months after it was threatened to be removed from the NASDAQ stock exchange.
In November, Biostage was given 180 days to raise its stock listing above $1 or be delisted. On Friday, the company said it would offer stock at an expected price of about $0.40 per share, for a total of about $8 million.
Biostage didn't say what it plans to do with the funds it hopes to raise, but the company is looking to rebound from a setback last fall when it said it would push back human trials and instead extend animal testing.
On Nov. 22, Biostage was warned by NASDAQ it would have to improve its stock price after it failed to close above $1 for 30 straight business days. It has until May 17 to regain compliance.
The offering announced Friday is expected to close around Feb. 15.
Biostage is developing bioengineered organ implants to to treat cancers and other life-threatening conditions of the esophagus, bronchus and trachea. The company has said it plans to conduct the first in-human studies by the fourth quarter.
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