Verseon Pioneers New Way of Funding Innovation Through Security Token Offering
Verseon is launching a security token offering (STO) aiming to set a new standard for the
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Using its innovative, computationally driven drug discovery platform, clinical-stage pharmaceutical company Verseon has built a rapidly growing pipeline of unique drug candidates across multiple disease areas. Verseon’s pipeline includes precision oral anticoagulants currently in clinical trials, oral treatments for diabetic eye disease, and next-generation chemotherapy agents, among others. Through its STO, Verseon is now also pioneering the use of blockchain technology for funding innovation.
“We believe that blockchain technology has the potential to transform fundraising by bringing efficiency, cost savings, and additional liquidity to capital markets,” said Eniko Fodor, COO of Verseon. “Regulations-compliant STOs give companies a new way to support growth and connect with a global investor community.”
Because of their global reach, STOs are subject to the regulations of all the countries where the tokens are sold and traded. Until recently, no comprehensive solution was available that could enforce complex regulations in a reliable and transparent manner. BlockRules has solved this key issue with the BlockRules Compliance Engine that operates completely on the blockchain for maximum security and transparency. The Compliance Engine will support the regulations-compliant issuance, sale, and trading of Verseon’s security tokens to an international investor base.
Verseon’s security token will be a form of a preferred share that grants its holder rights to a percentage of the company’s future drug program revenues. Initially, Verseon will offer its token in a private sale, followed by a public token sale.
Verseon is currently working with regulators on a prospectus for the token. Approval of the prospectus will make the security token available to investors in the UK and EU and investors in certain other jurisdictions where the company will seek additional approval from local regulators. The token will remain available to accredited investors, including those in the US.
“We are structuring our STO as one of the first truly global offerings backed by a prospectus,” said Adityo Prakash, CEO of Verseon. “We are excited to pioneer this new funding model and share the rewards of our innovations with investors worldwide.”