Biotech Firm Secures $950K in Equity Offering

Memgen, Inc. plans to raise a total of $10 million to further its biotech initiatives, with $9 million still available for investment.

December 11, 2024

Biotech Company Raises Initial Funds in Equity Offering

Houston-based biotechnology company Memgen, Inc. has announced progress in its recent equity offering, reporting that it has raised $950,002 to date. The company aims to reach a total funding goal of $10 million as part of its ongoing efforts to advance innovative healthcare solutions.

In a regulatory notice filed with the SEC, Memgen disclosed that the funds were obtained through the sale of equity securities. This offering marks a significant milestone for the company, reflecting investor confidence in its potential within the biotechnology industry.

Leadership and Structure

Memgen, a corporation incorporated in Delaware over five years ago, is led by a team of seasoned executives, including Gregory B. Brown, M.D., serving as the CEO. Alongside Dr. Brown, key executives and directors include Patricia Bitar, Christopher Pagano, and others based in Houston. Together, they guide the company’s strategic direction and operational activities.

The equity offering is structured to attract both institutional and accredited individual investors, with a minimum investment amount set at zero, ensuring wide accessibility to potential stakeholders.

Financial Strategy and Allocation

Memgen’s decision to issue securities under Regulation D exempts it from certain reporting requirements, enabling a streamlined fundraising process. The company has refrained from disclosing its annual revenue figures but indicated that no proceeds from this offering will be directed towards compensation for executive officers or directors.

To date, two investors have participated in the offering, leaving $9,049,998 available for future investment. This provides ample opportunity for additional stakeholders to contribute to Memgen’s growth ambitions.

Industry Focus and Future Plans

As a biotech firm, Memgen focuses on cutting-edge advancements in healthcare, an industry known for its robust growth and innovation. By channeling resources into research and development, the company aims to address unmet medical needs and deliver transformative solutions.

With no commissions or finder’s fees reported in this offering, Memgen ensures that the full amount raised will be allocated toward its business objectives, underscoring its commitment to transparency and efficiency.

As the offering progresses, Memgen remains well-positioned to achieve its $10 million target and continue its impactful work in the biotech sector.