iSpecimen raises $1.75 million in at-market offering

WOBURN, Mass. - iSpecimen Inc. (NASDAQ:ISPC), an online marketplace connecting scientists with biospecimen providers with a market capitalization of $4.93 million and annual revenue of $8.06 million, announced Thursday it has secured approximately $1.75 million through a securities purchase agreement with accredited investors.

The company will issue 1,559,828 shares of common stock or pre-funded warrants at $1.122 per share, priced at-market under Nasdaq rules. The offering is expected to close Friday, subject to customary closing conditions. InvestingPro data shows the stock has experienced significant volatility, with the price falling over 76% in the past year while showing a strong 16% return over the last week.

According to the press release, iSpecimen plans to allocate $500,000 of the proceeds for marketing and advertising services from IR Agency LLC, with the remainder designated for working capital and general corporate purposes.

WestPark Capital, Inc. is serving as the exclusive placement agent for the transaction.

The securities offered have not been registered under the Securities Act of 1933 and were only available to accredited investors. iSpecimen has agreed to file registration statements with the SEC covering the resale of the shares and shares issuable upon exercise of pre-funded warrants.

iSpecimen operates an online marketplace that facilitates connections between scientists in commercial and non-profit organizations and healthcare providers with access to patients and specimens needed for medical research. According to InvestingPro analysis, the company maintains more cash than debt on its balance sheet but shows signs of rapid cash burn, with a weak overall Financial Health Score. For detailed insights and additional ProTips, investors can access the comprehensive Pro Research Report available on InvestingPro, covering over 1,400 US stocks including ISPC.

Additional details about the offering will be available in a Form 8-K to be filed by the company with the SEC, according to the company statement.

In other recent news, iSpecimen Inc. announced the pricing of an underwritten public offering of 5,714,283 shares of common stock at $0.70 per share. This offering aims to raise approximately $4 million in gross proceeds and is expected to close on July 25, 2025, with WestPark Capital, Inc. serving as the sole book-runner for the transaction. Additionally, iSpecimen has amended its bylaws to lower the quorum requirement for shareholder meetings from a majority to 34% of the voting power. This amendment was approved on July 9, 2025, and filed with the Securities and Exchange Commission. Furthermore, the company reported board changes, with Richard J. Paolone and John L. Brooks III resigning from their director positions. The resignations were effective immediately, and the company clarified that there were no disagreements with the management or board. These developments reflect iSpecimen’s ongoing corporate adjustments and strategic financial maneuvers.

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