iSpecimen prices $4 million public offering at $0.70 per share

WOBURN, Mass. - iSpecimen Inc. (NASDAQ:ISPC), an online marketplace for biospecimens used in medical research with a current market capitalization of $2.79 million, announced Thursday the pricing of an underwritten public offering of 5,714,283 shares of common stock at $0.70 per share, expected to generate approximately $4 million in gross proceeds. According to InvestingPro data, the company has been quickly burning through cash with a concerning current ratio of 0.31.

The firm commitment offering, which includes the option of pre-funded warrants in lieu of common stock, is expected to close on July 25, 2025, subject to customary closing conditions. WestPark Capital, Inc. is serving as the sole book-runner for the transaction. Despite challenging market conditions that have led to a 79.64% decline in share price over the past year, the stock has shown recent momentum with an 8.74% gain in the past week.

iSpecimen plans to allocate the net proceeds for specific initiatives, including $1.5 million for marketing and advertising services from IR Agency LLC and $1 million to fund an initial milestone payment under an agreement with Sales Stack Solutions Corp. The remainder will be used for working capital and general corporate purposes. With annual revenue of $8.06 million and a gross profit margin of 38.45%, the company’s financial metrics suggest potential for improvement. InvestingPro analysis indicates the stock is currently undervalued, with 12 additional key insights available to subscribers.

The offering is being conducted pursuant to a registration statement on Form S-1 that was declared effective by the Securities and Exchange Commission on July 23, 2025.

iSpecimen operates an online platform that connects scientists in commercial and non-profit organizations with healthcare providers that can supply patient specimens needed for medical research. The company’s technology enables researchers to search for specimens across a network of hospitals, labs, biobanks, and blood centers.

This information is based on a press release statement from the company.

In other recent news, iSpecimen Inc. has made notable amendments to its corporate governance structure. The company has revised its bylaws to lower the quorum requirement for shareholder meetings from a majority of the voting power of outstanding shares to 34%. This change was officially approved on July 9, 2025, and a copy of the updated bylaws has been filed with the Securities and Exchange Commission. Additionally, iSpecimen announced significant changes to its board of directors. Richard J. Paolone and John L. Brooks III have resigned from the board, effective immediately. Mr. Paolone had been serving as a director since September 2024 and as chairman since February 2025, while Mr. Brooks had been a director since June 2021. The company clarified that these resignations did not stem from any disagreements with the company or its management.

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