Verseon, a California based clinical stage pharma company, is issuing preferred shares. The company is using its own blockchain based subsidiary BlockRules to sell the securities in a security token offering (STO) that seeks to be “one of the first global offerings backed by a prospectus.”
Founded in 2002, Verseon’s current drug programs include anticoagulation, diabetic macular edema, hereditary angioedema, and oncology (solid tumors).
Verseon says the STO will use the technology and services of their blockchain fintech “to enforce regulatory compliance across multiple jurisdictions.” Each security token will be a form of “preferred share that grants its holder rights to a percentage of Verseon’s future drug program revenues.” Shares will be both issued and traded on the BlockRules platform if everything goes as planned.
“We wanted to structure our STO as one of the first truly international offerings backed by a prospectus,” says Adityo Prakash, CEO of Verseon (on the photo above), “BlockRules provides the ideal solution to realize this vision. Their technology will allow us to share the future rewards from our innovations with investors around the globe.” All trades or transfers will be recorded.
The “BlockRules Compliance Engine” is designed to perform compliance checks directly on the blockchain. Only those trades that comply with applicable regulations will be allowed to proceed. The STO will be implemented as an ERC20 token providing global access and peer-to-peer trading on decentralized exchanges.
David Williams, BlockRules Chief Technologist, says their goal is to make the STO available to a global investor base while enforcing each jurisdictions’ rules.