InSitu Biologics is reporting that it has topped $2 million using the Reg A+ crowdfunding exemption. The company anticipates reaching $10 million in equity capital as the campaign continues into 2019.
InSitu Biologics is a biotech firm that claims positive initial results in pre-clinical studies with their AnestaGel product.
AnestaGel is described as a non-opiate, fast acting pain killer targeted for post-op pain management and more. The product is not yet commercially available and InSitu is pre-revenue as it works towards development and approval of its pain meds. But the company is targeting a market that is looking for non-addictive pain treatments as opioid abuse has jumped in recent years.
The Reg A+ offering has taken an interesting approach by selling shares in separate tranches and different per share prices points. The first three tiers, at $5.75; $6.75 and $6.85 a share have all closed. The next tiered round is waiting on SEC approval of their Reg A+ plus filing and the company is accepting “reservations” now.
InSitu Biologics claims that AnestaGel is a superior product that:
- Consistently lasted up to 300% longer when compared to the leading liposome-based sustained-release drug;
- Had full nerve block beyond 72 hours (24-48 hours for liposome-based drug) and;
- Carried 8x more painkiller than liposome-based drugs, remaining non-toxic.
James Segermark, President and CEO of InSitu says that development of non-addictive, non-opioid pain drugs lag far behind research for other diseases.
“Addiction often begins with post-operative pain management, for which there are few non-opiate solutions. Our investors understand that a change is required.”
If the company successfully proves their meds and receives FDA approval it could become a successful biotech company but as with most firms in this industry, it takes quite a bit of time to receive approval and become commercially viable.
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