Equity Crowdfunding Success – $1,000,000 is Within Reach
Last week we celebrated raising capital of $750,000 from over 400 individual investors. This pool of shareholders are now PKA SoftTouch Co-owners with each investor entitled to a stake in our company proportional to their investment.
With the offering currently at $0.20 per share and entry-level investments starting from a digestible $500, we believe that raising over $750,000 by obtaining small contributions from a large number of investors, is a noteworthy achievement.
As we conduct our first round of clinical trials, we are seeing larger investments coming through our FrontFundr campaign. It appears that people are eager to see a painless injection device hit the market and can also see the potential for a healthy return on their investment when it does.
Given that we have hit our minimum target prior to the close of this round, it made sense to set our sights on our next milestone – $1,000,000. The additional $250,000 of capital will allow us to complete human clinical trials:- the endmost objective for any healthcare company trying to streamline the advancement of a medical technology.
For those who have purchased shares or are contemplating an investment, here’s what you need to know.
Round I $437,000 — raised
Capital from last years’ raise has funded our significant progress in the drug approval pathway process. Specifically we:
- Designed, developed and tested device prototypes
- Developed the equipment for the filling process
- Obtained and maintained global patents (23 countries), and
- Established strategic local research and development partnerships
ROUND II 750,000 — raised
Veterinary clinical testing is being prepared with the two-day dog trial using the 3-D printed device scheduled for December 2021. We have sourced materials compliant with pharmaceutical regulatory standards. Due to delays caused by the global pandemic we are currently waiting on the shipment of our unique tiny micro-needles from an American producer.
ROUND II — next milestone $1,000,000
An additional $250,000 of equity will enable us to perform human testing in 2022;
- Funds are required to conduct Health Canada approval ($17,000) for our Proof of Concept trials ($200,000).
- We have confirmed a clinical trials site and now must establish the protocols ($20,000).
- We can then manufacture the device ($13,000) and begin conducting market development for the veterinary and human market.
Next Target Raise: $1,280,000
A further $280,000 in capital would allow us to negotiate profitable licensing agreements. We have interest from 30+ pharmaceutical companies, who are waiting on clinical trial data. This data needs to validate that the technology works and that their drug is compatible with the device; also known as ‘compatibility studies’. At this point, we would rapidly shift into commercializing our micro-needle, benefiting from revenue streams in both the animal and human markets.
Patents are constantly being updated by our legal team and administration costs including office, legal, accounting and marketing expenses are also accounted for.
At PKA SoftTouch Corp, we are driven by the need for a patient-friendly delivery system for life-changing medication, in both the home or a medical setting. Safe, affordable and painless administration of drugs should be available as an alternative to the syringe and we are confident we have designed an injection device for the future.
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PKA SoftTouch Corp. is a leading-edge research and development company based in Lakefield, Ontario. The company was founded to bring its unique and revolutionary device to the growing worldwide injectable drug marketplace.
