EV Biologics Updates on Excyte Subsidiary Funding
EV Biologics Corp. (OTC PINK: YECO) has successfully closed a funding round raising $1,000,000 of its $2.5 million initial capitalization goal. A total of 100,000 shares were issued at $10 each from a planned 10 million shares issuance. The funding aims to enhance stem cell bank operations and advance secretome product development. Excyte, a subsidiary, is focused on revolutionizing regenerative therapeutics. The company plans to finalize the remaining capital raise by the end of Q1 2023.
- Successfully raised $1,000,000 towards $2.5 million goal.
- Progress in stem cell bank operations and secretome product development.
- Strong valuation of subsidiary Excyte at $100 million.
- Only 40% of the targeted capital has been raised, indicating reliance on future funding.
TAMPA, FL / ACCESSWIRE / January 3, 2023 / EV Biologics Corp, OTC PINK:YECO, today announced that it has now closed
One hundred thousand shares (100,000) have been issued at
This funding will provide for further optimization of our primary stem cell bank isolation and expansion along with scale-down biomanufacturing process development. Some of these funds will also be allocated to analysis of the biomolecular composition and the biological activity of composite stem cell secretome products and their constituent vesicular and non-vesicular nanoparticle fractions to advance EV Biologics' ongoing secretome product development.
CEO, Daniel Mckinney, said "By illuminating the complex mechanisms and principal bioactive components of the stem cell secretome, we can accelerate our product and process development toward standardized biomanufacturing of our regenerative therapeutics for better health and longevity. Our audacious goal is to revolutionize modern medicine by unraveling the complex mechanisms of stem cell therapy and apply this understanding to recreate defined regenerative therapeutics."
To execute its biotechnology innovations and minimize capital requirements, Excyte is developing essential product and process technologies in parallel with its primary therapeutic development pathway through collaboration with best-in-class commercial partners. Intellectual property, patents, proprietary process, and product development will be held by Excyte in support of EV Biologics.
About EV Biologics
EV Biologics (formerly Yulong Eco-Materials Limited) is a Wyoming, USA domiciled Biotechnology Company, developing a range of nanotherapeutics to substantially enhance the intrinsic bioactivity of stem and progenitor cell-derived nanoparticles. The Company is also developing biomanufacturing, bioinformatic and bioengineering innovations to optimize production of nanoparticle therapeutics and biologics. These versatile therapeutic platforms will enable generation of nanotherapeutics targeting a broad range of regenerative medicine and longevity applications.
About Excyte
Excyte, a wholly owned subsidiary of EV Biologics, Inc., is founded on the idea that potent biotherapeutics and a deeper understanding of health, disease and aging can be obtained from living cells. Our mission is to further the understanding of the complex interactions between the multiplex of functional biomolecules that comprise cell-derived nanotherapeutics and the interconnected cellular pathways of biological systems in disease and aging. The Company is focused on innovation in biomanufacturing, bioengineering, bioanalytics and machine learning in support of a versatile platform for on-demand precision nanotherapeutic development for any clinical indication. Our innovative approach to longevity will use a multi-functional nanotherapeutic platform to deliver the right bioactive molecules to diseased, damaged or aging cells to restore health, combat aging and provide a longer health span.
This news 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 7.22 million shares issued and outstanding with a float of 1,016,375 shares.
Contact:
Dennis Burns
Investor Relations
Tel (567) 237-4132
SOURCE: EV Biologics Corporation
View source version on accesswire.com:
https://www.accesswire.com/733763/EV-Biologics-Updates-on-Excyte-Subsidiary-Funding
FAQ
What is the latest funding announcement from EV Biologics (YECO)?
How many shares has EV Biologics issued for its funding?
What is the goal for the remaining capital raise by EV Biologics (YECO)?
What is Excyte's valuation under EV Biologics?
How many total shares is EV Biologics planning to issue?
