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August 13, 2018

Biostage to withdraw SEC registration

Photo | Courtesy Biostage CEO Jim McGorry.

Holliston biotech Biostage is seeking to withdraw a registration statement with the Securities and Exchange Commission filed nearly one year ago after no securities had been issued or sold under the statement.

The paperwork was based on a backstop agreement with a Texas-based investment firm First Pecos LLC in which the firm would purchase $3.1 million worth of Biostage’s shares. 

That offering and investment agreement was back when the company was listed on the NASDAQ stock market. Since then, the company has been delisted and the First Pecos LLC investment fell through, with each party claiming the other failed to live up to the agreement. 

The SEC statement was initially filed Aug. 15 but was never declared effective by the SEC and no securities were issued or sold. 

Last year’s filing was a rights offering in which the company would be distributing at no charge to holders of its common stock and holders of warrants to purchase common stock the rights to purchase an undisclosed amount of shares. 

After laying off most of its workforce last fall, Biostage has secured several private investments mostly from groups of investors in China, where the rate of esophageal cancer is higher. Biostage's implant seeks to help people with throat issues.

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