New York partner Marc Leaf was quoted in the Philadelphia Inquirer and the MIT Technology Review on the recent increase of small companies and start-ups going public by using crowdfunding electronic “portals.” A number of publications, including Law360, also mentioned or republished in full the July 2016 “Drinker Biddle Crowdfunding Report”—an analysis of the first 50 such crowdfunding offerings—spearheaded by Marc and New York associate Rob Esposito.
One such offering came from, Beta Bionics, a Massachusetts benefit corporation (with B Corp certification pending), which is developing a “bionic pancreas” that the company says will regulate blood sugar levels for individuals with Type I diabetes. Beta Bionics is offering 500 shares of common stock at $100 per share. In the first 50 days, the company received more than $600,000 from more than 550 investors on the Wefunder portal.
The offering expires Dec. 19 and is on pace to be the first IPO conducted under Regulation Crowdfunding to raise the maximum amount permitted by law in a 12-month period, said Marc Leaf. "People are passionate about mission-driven companies," he added.
Read “Artificial Pancreas Is First To Raise $1 Million Under New Crowdfunding Rules.” (MIT Technology Review)
Read “Crowdfunded IPOS: Beer, summer camp, bionic pancreas.” (Philadelphia Inquirer)
Read “An Analysis Of The First 50 Crowdfunding Offerings” in Law360.