BSTG - Cell-therapy biotechnology company Biostage raises ~$5.1M to advance clinical trial

Cell-therapy biotechnology company, Biostage (OTC:BSTG) raises ~$5.1M from new and existing investors in a private placement of its shares.  The funds will be used to accelerate the clinical development of Biostage's lead product candidate, the Biostage Esophageal Implant, or BEI. Company entered into securities purchase agreements with certain investors for an aggregate of 854,771 shares of common stock and warrants to purchase 427,390 shares with a purchase price per unit of $5.92. Company has received an aggregate of $4.8M gross proceeds from the private placement through May 12, 2022, and expects to receive the remaining subscription amounts in the aggregate of $260,000 promptly following such date.

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Cell-therapy biotechnology company Biostage raises ~$5.1M to advance clinical trial