ANN ARBOR, Mich. — November 15, 2022 — Kraig Biocraft Laboratories Inc., the biotechnology company focused on the development and commercialization of spider silk, announces that it has nearly closed out its $8 million in convertible debenture with Yorkville Advisors. Over the last 23 months, the company has converted more than 98 percet of this debt to equity. Kraig Labs remains in one of the strongest financial positions in the company’s history, with more than $4.5 million in liquid assets and a remaining debt balance to Yorkville of only $150,000.
The capital raised through this financing has been deployed in building out the company’s in-house production and laboratory facilities in Vietnam, expanding the capabilities and research focus of our US-based R&D center, and funding the company’s work with third party production partners to scale up spider silk production. Looking forward, the company expects to continue investing in the scale-up of production capacity, pioneering innovations in spider silk technologies, and bringing products to end markets through direct sales and strategic partnerships.
“Due to the significant progress that we made in securing our new production partnership program, which is designed to allow Kraig Labs to meet anticipated demand without the previous model’s intense capital investments, these funds provide us the flexibility that we need to continue to drive growth and strengthen our operations from R&D through finished products,” said company COO, Jon Rice.
“With more than $4.5 million of immediately deployable capital and having nearly eliminated the balance on this debit financing, Kraig Labs has never been in a stronger financial position. We will continue to strategically invest this capital in ramping production through our in-house capacity and partnership with our third-party contractor as well as launch the next generations of hybrid spider silk technologies,” Rice concluded.
Posted: November 15, 2022
Source: Kraig Biocraft Laboratories Inc.