By Alex Moe, WisBusiness.com
Lynx Biosciences, a Madison-based biotech company, is undertaking a fundraising round for $1 million.
President and founder Chorom Pak says the company upped its initial ask from $350,000 in order to hasten its expansion efforts.
“We wanted to move a little faster. We can grow faster, hire more people, bring more expertise to the team,” Pak told WisBusiness.com. “Given where we are at this stage of our company, we ultimately decided to go with a larger round.”
If the raise is successful, funds will help the company get through its current clinical trials and get started with its next clinical trial in 2018.
She said finding investors is “a matchmaking process” that takes significant time, but added “we are hoping to close out by the end of quarter two, but it might be quarter three by the time it’s all said and done.”
Lynx Bio took part in the Wisconsin Technology Council’s Early Stage Symposium late last year, where Pak and others presented their company ideas with hopes of connecting with potential investors. Read more …