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May 4, 2018

Biostage announces $3.6M private investment

Courtesy | Biostage Biostage CEO Jim McGorry

Holliston biotech firm Biostage has landed another large private investment of $3.6 million as it continues to pursue growth in Asian markets.

The investment, from two private investors - Chu Bogang and Ahou Heping - includes a price of $3.60 per 500,000 shares each.

The investment is the company’s third since emerging out of a near bankruptcy position when the company was forced to lay off 71 percent of its workforce after being delisted from NASDAQ last fall. 

An initial $4.2-million dollar investment from a group of Chinese investors and a Connecticut hospital closed in January, and the company was able to solicit another $1 million from another private investor in February.

Since then, the company has revamped its leadership, including bringing aboard children’s hospital expert James Shmerling and children’s surgeon Christine Finck to its board of directors and scientific advisory board, respectively.

The company has now secured about $10 million in grants and investments since its delisting and has been able to rehire some employees, CEO Jim McGorry said in an interview earlier this year.

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