02.25.21
SmartKem, Inc. announced the closing of a $24.6 million private placement financing.
Before the financing, SmartKem Limited completed a reverse acquisition transaction with Parasol Investments Corporation, a public Delaware corporation, whereby SmartKem became a wholly-owned subsidiary of Parasol.
Following the acquisition, Parasol changed its name to SmartKem, Inc.
The directors of SmartKem, Ian Jenks, Robert Bahns, Dr. Simon King, Klaas de Boer and Barbra Keck, have become the directors of the company.
Jenks has become the CEO and Bahns has become the CFO.
“The success of this financing surpassed our expectations, and we believe demonstrates investor confidence in SmartKem, our technology, product, current customer traction and the market opportunity," Jenks said. "This financing will allow us to continue to scale production of our truFLEX inks, our Electrical Design Automation Tools and expand our Foundry Services.”
SmartKem’s truFLEX technology deposits organic ink on a substrate at a temperature as low as 80°C, enabling manufacturers to use a range of low-cost flexible plastic substrates using existing industry-standard equipment and infrastructure.
SmartKem’s transistor stacks are flexible, bendable, wearable and lightweight and can be used in several different applications, including bendable smart-phone displays, foldable laptops, TV backlights, curved automotive displays, color ePaper displays, wearables, fingerprint and X-ray detectors as well as printed biosensors.