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Biostage (OTC:BSTG), which is creating regeneration therapies for broken organs, has disclosed phrases for a proposed $6M public providing and uplisting to Nasdaq.
The Mass.-based biotech firm stated in a submitting that it’s providing 1M models for the assumed value of $6 per unit. Every unit would consist of 1 share plus one-quarter of a warrant to purchase one share.
Underwriters could be granted a 30-day choice to purchase as much as 155K further shares and/or warrants to purchase as much as 39K shares. Newbridge Securities is serving as lead bookrunner.
Biostage shares are at the moment traded OTC underneath the image BSTG. The corporate is searching for to have its shares listed on Nasdaq underneath the identical image.
Biostage has developed a cell remedy expertise that makes use of a affected person’s personal stem cells to regenerate and restore broken organs. The corporate is focusing on the remedy first at situations affecting the esophagus, trachea and bronchus.
In 2017, Biostage performed the world’s first profitable regeneration of the esophagus in a affected person handled for esophageal most cancers. The corporate is planning to start Section 1 testing of the process in early 2023.
Biostage first filed for the providing and uplisting in June 2021, indicating it was searching for to lift as much as $12M.
The corporate was delisted from the Nasdaq Capital Market in 2017 after failing to satisfy the change’s minimal necessities for stockholder fairness.
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