Sabik Medical re-opened its offering to place $257,000 more

Change: offered +30% / raised +30% / placed 100%

Sabik Medical re-opened and closed its unregistered equity offering after increasing the placement’s size from $858,000 to $1.11 million. The offer closed after the company raised $257,000 from six additional investors within six months. At closing, a total of twenty-nine investors had subscribed to Sabik Medical’s offering. The offering’s expected net proceeds amount to $1.01 million, excluding $100,000 earmarked for the payment of officers’ salaries. This was the first offering under regulation D filed by Sabik Medical.

Sabik Medical develops and commercializes a radiopharmaceutical compound to diagnose, stage and treat cancer with an initial focus on prostate cancer. The compound known as Enzyme Mediated Imaging and Therapy (EMIT) acts as a ‘shuttle’ that selectively deposits radioisotopes of iodine at the site of the tumor.

The company, headquartered in Sudbury MA, is led by James Jenson (President and CEO). Sabik Medical kept its revenues undisclosed.
The executive team includes Allan Green.
The board of directors includes Daniel L Peters, Howard Fillit and Stephen Sands.

Offering recap
Status: Completed
Company: Sabik Medical
Industry: Biotechnology
Amount offered: $1.11 million
Amount placed: $1.11 million
First sale: 10-23-2013
Data as of: 05-20-2014

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