iSpecimen Inc. (ISPC) stock went up by 9.60% in the pre-market at $14.04 after the company announced the expansion of the supplier network. After the market close on December 02, the company announced that it has expanded its global provider network to support neurological disorder research. In regular trading, the stock lost 12.20% to close at $12.81 with 3.21 million shares. After the fall in regular trading, the news proved good for the stock as it gained $1.04 to reach $13.85 in the after hours. The after-hours’ gain has placed the stock’s one-month increase at 115.29%.
Founded in 2009, iSpecimen Inc. (ISPC) is an online marketplace for human biospecimens. The company is currently trading at market capital of $102.8 million and has 7 million outstanding shares.
ISPC’s Supplier Network Expansion
As per the announcement, the company is trying to do its best for supporting research related to neurological disorders through its supplier network expansion. According to the UN, around one billion people or almost every one in six people is afflicted by neurological disorders globally. These neurological disorders include Alzheimer’s disease, Parkinson’s, and other CNS conditions as well as neurological symptoms caused by Covid. For taking its part in helping patients with neurological disorders, ISPC had added over a dozen sample providers to its network.
According to surveys, because of the shortage of proper biospecimens, most researchers have a limited scope of their work. Hence, targeting this market gap and challenge, ISPC connects such researchers to healthcare organizations with quality biospecimen.
Recent Developments
On December 01, the company announced the closing of its previously disclosed $21 million private placement. The private placement was offered for the sale of 1,749,999 shares of common stock of ISPC with warrants to buy 1,312,500 shares. Furthermore, the combined offering price of one share and three-quarters of one warrant was $12.00. Moreover, the exercise price of the detachable warrant was $13.00 per share.
Upon closure, the private placement of the common stock resulted in gross proceeds of approximately $21 million, less expenses.
Further, ISPC had announced the private placement on November 29, 2021.
ISPC in Numbers
iSpecimen Inc. (ISPC) announced its financial results for the third quarter of 2021 on November 04. According to the results, ISPC had a net loss of $1.1 million on revenues of $2.7 million in the third quarter of 2021. This compares to a net loss of $1.2 million on revenue of $2.3 million in the year-ago period.