ANN ARBOR, Mich. — April 14, 2022 — Kraig Biocraft Laboratories Inc., the biotechnology company focused on the development and commercialization of spider silk, announces that it has received another $1.5 million from YAII PN, Ltd., a fund managed by Yorkville Advisors Global LP. The $1.5 million received this week is the second half of a $3 million fund agreement signed with YAII in January 2022. This $3 million and those from the previously announced transactions account for an $8 million total YAII investment into Kraig Labs over the past 16 months.
The company is well underway, putting this impact capital to work, strengthening its production operations. Over the last nine months, the company has deployed capital to build additional production capacity and bring key onsite quality control systems online. These renovations included building out custom-designed rearing rooms, purchasing and installing custom automated production equipment, and planting onsite mulberry to support year-round operations. This work also included the construction of a fully operational molecular biology laboratory that provides onsite and in-process quality control, mirroring the capabilities of the company’s U.S.-based R&D labs.
“This capital is allowing us to make strategic investments in critical processing, facilities, and equipment that have dramatically enhanced our production capabilities and capacity. Prodigy Textiles is now fully operational and beginning to fulfilling its mission of bringing eco-responsible and cost-effective spider silk to the global textile markets,” said company COO Jon Rice.
Maxim Group LLC acted as the sole placement agent for this capital raise.
The Company thanks Maxim Group LLC and Yorkville for their continued trust and confidence in Kraig Labs and its disruptive innovation of the technical textile markets.
Posted April 19, 2022
Source: Kraig Biocraft
