Biostage raises ~$6M via private placement of 1M shares at $6.00; preferred stock converted

Harvard Apparatus Regenerative Technology, Inc.

Gross proceeds ~$6M from sale of 1,000,967 shares at $6.00/share; $3.6M received by Apr 5, 2023.
Funds to accelerate clinical trial of Biostage Esophageal Implant (BEI) for esophageal cancer/injury.
All Series E Preferred Stock plus accrued dividends will convert to ~675,000 common shares at $6.00, eliminating Series E.
FDA approved 10-patient Phase 1/2 trial for BEI; potential expansion to pediatric and bronchial indications.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Harvard Apparatus Regenerative Technology, Inc. entered into Securities Purchase Agreements with certain investors valued at $6 million (effective 2023-03-31).

Action: entry
Agreement: equity purchase
Counterparty: certain investors
Value: $6 million
Effective: 2023-03-31

Exact text from the filing

On March 31, 2023, Biostage, Inc. (the “Company”) entered into Securities Purchase Agreements (each a “Purchase Agreement”) with certain investors (the “Investors”) pursuant to which the Investors agreed to purchase in a private placement an aggregate of 1,000,967 shares of common stock for the aggregate purchase price of $6 million and a purchase price per unit of $6.00 (the “Private Placement”).

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Harvard Apparatus Regenerative Technology, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-011145

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