$YECO EV Biologics Updates on Excyte Subsidiary Funding
TAMPA, FL / ACCESSWIRE / January 3, 2023 / EV Biologics Corp, OTC PINK:YECO, today announced that it has now closed $1,000,000 of its $2.5 million initial capitalization goal.
One hundred thousand shares (100,000) have been issued at $10 per share, out of a total issuance of ten million shares to EV Biologics. Excyte, a wholly owned subsidiary, was launched in August 2022, with $100 Million valuation. The Company aims to close the balance of the capital raise before the end of Q1, 2023.
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.