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WOBURN, Massachusetts - iSpecimen Inc. (NASDAQ:ISPC), an online marketplace for human biospecimens, announced Thursday it has completed the first milestone in its digital transformation program powered by Salestack Solutions. The company, which generated $5.91 million in revenue over the last twelve months with a concerning 43.77% decline, is currently trading at $1.16 per share.
The initial phase involved installing Salestack’s platform and modernizing the company’s infrastructure to support the iSpecimen Marketplace. The implementation includes Infrastructure-as-Code capabilities, unified storage workflows, and multi-cloud deployment options.
"The successful completion of Milestone 1 is a major step forward in iSpecimen’s mission to create the most efficient and secure marketplace in our industry," said Robert Lim, CEO of iSpecimen, according to the company’s press release.
The upgraded infrastructure is designed to improve system reliability through multi-cloud architecture, enhance security via automated safeguards, and accelerate development cycles for faster feature delivery.
With the first milestone complete, iSpecimen plans to advance to Milestone 2, which will focus on integrating all parts of the company’s business with the Salestack platform to improve operational efficiency.
iSpecimen operates an online marketplace that connects scientists in commercial and non-profit organizations with healthcare providers that have access to patients and specimens needed for medical research.
The announcement contains forward-looking statements regarding the expected benefits of the digital transformation, with actual results potentially differing from projections based on various factors including market conditions and the company’s ability to meet future milestones.
In other recent news, iSpecimen Inc. announced the pricing of an underwritten public offering, aiming to raise approximately $4 million in gross proceeds by selling 5,714,283 shares of common stock at $0.70 per share. This offering is expected to close on July 25, 2025, with WestPark Capital, Inc. serving as the sole book-runner for the transaction. Additionally, iSpecimen secured approximately $1.75 million through a securities purchase agreement with accredited investors, issuing 1,559,828 shares of common stock or pre-funded warrants at $1.122 per share. The company also revealed plans to establish a digital asset treasury reserve of up to $200 million based on the Solana blockchain ecosystem. For this initiative, iSpecimen has retained WestPark Capital as a financial advisor and BlockArrow, a digital asset management firm, to guide the strategy and compliance. These developments indicate a strategic move by iSpecimen to bolster its financial standing and explore innovative financial avenues.
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