SQZ Biotech disclosed selling 2% of its $1 million non-brokered financing round to one investor. According to the filing, $15,000 worth of equity was subscribed a little over a week ago. An additional $985,000 in funding is to be raised until the offering draws to a close in March 2015. This is the first time SQZ Biotech Co is selling securities under a registration exemption.
The company commercializes a proprietary process known as “CellSqueeze” built on rapid deformation of cells (“squeezing”) to induce transient disruption of the cell membrane in order to facilitate intracellular delivery of macromolecules without the use of toxic external factors.
The company was registered in 2013 and has its headquarters located in Somerville MA. SQZ Biotech elected to keep its revenues undisclosed.
The executive team includes Agustin Lopez-Marquez, Armon Sharei and Klavs Jensen.
The board of directors includes Robert Langer.
Status: First close
Company: SQZ Biotech
Amount offered: $1 million
Amount placed: $15,000
First sale: 03-24-2014
Data as of: 04-03-2014