iSpecimen Announces Completion of $4 Million Underwritten Offering, Plans to Use Proceeds for Marketing, Advertising, and Working Capital

iSpecimen Inc. closed a $4 million underwritten public offering, selling 5.7 million shares of common stock at $0.70 per share. The company plans to use the net proceeds for marketing services, milestone payment, and working capital. WestPark Capital acted as the sole book-runner for the offering, which was conducted on a firm commitment basis. The securities were offered pursuant to a registration statement declared effective by the SEC.

iSpecimen Inc. (Nasdaq: ISPC) has successfully closed a $4 million underwritten public offering, selling 5,714,283 shares of its common stock at $0.70 per share. The company plans to allocate the net proceeds to marketing services, milestone payments, and working capital [1].

The offering was conducted on a firm commitment basis, with WestPark Capital, Inc. acting as the sole book-runner. The securities were offered pursuant to a registration statement declared effective by the Securities and Exchange Commission (SEC) on July 23, 2025 [1].

iSpecimen Inc. is an online global marketplace that connects scientists requiring biospecimens for medical research with a network of healthcare specimen providers. The company's proprietary, cloud-based technology enables scientists to intuitively search for specimens and patients across a federated partner network of hospitals, labs, biobanks, blood centers, and other healthcare organizations [1].

The company plans to use the net proceeds from the offering to pay $1,500,000 for marketing and advertising services to be provided by IR Agency LLC, $1,000,000 to fund the initial milestone payment under a definitive agreement with Sales Stack Solutions Corp., and the remainder for working capital and general corporate purposes [1].

The completion of this offering represents a significant milestone for iSpecimen Inc., providing much-needed capital to support its growth and expansion efforts. However, the low per-share price of $0.70 suggests challenging financing circumstances for the company, reflecting the difficult fundraising environment for smaller biotech marketplace companies [2].

References:
[1] https://www.morningstar.com/news/globe-newswire/9499904/ispecimen-inc-announces-pricing-of-4-million-underwritten-offering
[2] https://www.stocktitan.net/news/ISPC/i-specimen-inc-announces-closing-of-4-million-underwritten-vb266yuxtjde.html