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Biostage (OTC:BSTG), which is developing regeneration therapies for damaged organs, has disclosed terms for a proposed $6M public offering and uplisting to Nasdaq.
The Mass.-based biotech company said in a filing that it is looking at offering 1M units for the assumed price of $6 per unit. Each unit would consist of one share plus one-quarter of a warrant to buy one share.
Underwriters would be granted a 30-day option to buy up to 155K additional shares and/or warrants to buy up to 39K shares. Newbridge Securities is serving as lead bookrunner.
Biostage shares are currently traded OTC under the symbol BSTG. The company is seeking to have its shares listed on Nasdaq under the same symbol.
Biostage has developed a cell therapy technology that uses a patient’s own stem cells to regenerate and repair damaged organs. The company is targeting the therapy first at conditions affecting the esophagus, trachea and bronchus.
In 2017, Biostage conducted the world’s first successful regeneration of the esophagus in a patient treated for esophageal cancer. The company is planning to begin Phase 1 testing of the procedure in early 2023.
Biostage first filed for the offering and uplisting in June 2021, indicating it was seeking to raise up to $12M.
The company was delisted from the Nasdaq Capital Market in 2017 after failing to meet the exchange’s minimum requirements for stockholder equity.
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Image and article originally from seekingalpha.com. Read the original article here.