EV Biologics Corp (OTC PINK:YECO) today announced that it has signed a funding agreement with an investment bank to sponsor the raise of $25-$50 million for research and development via a Security Token Offering “STO” – a worlds’ first in Biotech.
The Company will start this innovative blockchain funding program starting January 1, 2021 that will fund the research and development for Acute Lung Injury “ALI”. The STO is a system of securitizing a real-world, hard assets and offering it to the public in a SEC regulated process utilizing blockchain technology. This will give investors another way to participate in the direct ownership of the Company’s assets, intellectual property “IP”, information technology “IT” and patents and greatly increase YECO’s value through its majority stake in the ALI backed security token. The Company’s Security Token will be registered with the SEC and trade on a digital exchange.
The Company will tokenize and issue 100 million ALI tokens and sell up to $50 million of Tokens at $5.00 per token.
YECO is not issuing any shares, thus not diluting the existing shareholders. This new financing model will add tremendous equity and value to the Company as the majority of AIL Tokens will remain on the Company balance sheet.
CEO Daniel Mckinney, said “we are now the first biotech company in the world to issue a STO for funding. We are also the first biotech listed company to blend a STO with our public listing. We are most enthusiastic about its potential and dynamics.”
EV Biologics will focus exclusively on our R&D program for ALI and the resulting biopharmaceuticals, along with preparations for submissions of the corresponding Investigational New Drug applications “INDs” to the FDA.
YECO was previously a Nasdaq listed company and intends to up-list to OTCQB, then to a mainboard exchange again.
EV Biologics (formerly Yulong Eco-Materials Limited) is a Wyoming, USA domiciled Biotechnology Company, intent on bringing human mesenchymal “MSC” and other stem cell and cell-derived products to market in the cosmetic and biopharmaceutical spaces. Initially, these novel and unique products will be specifically provided to the international clinical research community including universities and physicians and will be targeted to the aesthetic and regenerative medicine markets. Using proprietary and patentable technologies, the Company is creating exclusive IP and IT inherent in our superior products. Further product development will be focused on investigation of novel stem cell-derived biopharmaceuticals designed for specific clinical conditions.
YECO has 6.21 million shares issued and outstanding with a float of 1,016,375 shares.
Photo by ScienceinHD on Unsplash
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