FibroBiologics has quickly raised $5 million in a Reg CF securities offering on StartEngine. This is the maximum amount a company may raise under the securities exemption. The offering has been live for about four weeks so it was fully subscribed pretty quickly.
According to the offering page, FibroBiologics was backed by 713 investors who were purchasing Series B preferred equity. The valuation of the company was pretty big at $252.57 million.
Half of the money raised will be utilized for R&D, with the other half for administration.
Like many early-stage firms, FibroBiologics is losing money.
The Offering Memo is viewable here.
FibroBiologics is a biotech firm in the clinical-stage cell therapy sector. The company reports that it currently holds more than 160 U.S. and international patents.
The company claims to be the leading firm in developing fibroblasts as cell therapy technology. It reports that it has five product candidates in the pipeline targeting different medical areas: multiple sclerosis, degenerative disc disease, wound healing, cancer, and extension-of-life applications. If the company can execute on some or all of these therapies it would be pretty interesting.
The company says its first product may be approved as early as 2023. More information is available here.
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