Verseon, a biotech firm specializing in computational drug discovery, has just announced they will be holding their own STO. They aim to “set a new standard for the 21st century public offering.
Last month, Agenus Inc. announced the world’s first security token for the biopharmaceutical industry. And now we have another: Verseon has just made clear they will be holding an STO in a formal announcement of theirs first reported by the Associated Press.
The firm hopes that the STO will unlock new investors around the globe and bring funding to a new paradigm.
A Revolution in Funding
Funding has always been a tough nut to crack. With so many restrictions, both regionally and regulatory, oftentimes the pool of capital is limited. Security tokens are attempting to expand this pool of capital to the world stage. That’s why so many crowdfunding investment platforms, like Republic, have been latching on to security tokens as the solution to liquidity and crowdfunding limits.
However, we have seldom heard this fact mentioned by the biotech industry. Verseon is only the second such company to hold an STO which will rely on the services of BlockRules Ltd.
Verseon has developed something of a reputation in the biotech world for being innovative. They are known for their computationally-driven drug discovery platform which boasts an expanding pipeline of unique drug candidates. The company covers clinical-stage trials with drugs to treat a whole host of issues. This pipeline includes precision oral anticoagulants currently in clinical trials, oral treatments for diabetic eye disease, and next-generation chemotherapy agents, among others.
Why did Verseon go with an STO? The reasons, according to their COO Eniko Fodor, are simple.
“We believe that blockchain technology has the potential to transform fundraising by bringing efficiency, cost savings, and additional liquidity to capital markets. Regulations-compliant STOs give companies a new way to support growth and connect with a global investor community,” he said.
The STO is expected to be available to UK and EU investors, along with investors from other jurisdictions. Accredited investors from the US will also be able to participate. The offering will being as a private sale and then go public. The dates are yet to be announced.
What do you think of Verseon’s STO? Will you be investing? Let us know your thoughts in the comments.
Image courtesy of Verseon.