EV Biologics Signs Funding Agreement for Biotech Security Token Offering
CHEYENNE, WY / ACCESSWIRE / December 2, 2020 / 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.
About the Company
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.
This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position and business strategy. The words or phrases "plans," "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think," "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of local, regional, and global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
YECO has 6.21 million shares issued and outstanding with a float of 1,016,375 shares.
For more information on EV Biologics please visit:
SOURCE: EV Biologics Corporation
View source version on accesswire.com: