Summary
- ProPhase Biopharma said it raised up to $100 million from family office Hexstone Capital.
- It said the raised funds will be invested concurrently in purchasing virtual assets and a tumor treatment development project.
- ProPhase said it is expanding its investment portfolio beyond healthcare into blockchain and digital assets.
ProPhase Biopharma, a Nasdaq-listed biopharmaceutical company, has secured large-scale funding to purchase virtual assets (cryptocurrencies) and for new drug development.
On the 10th (local time), crypto-focused media The Block reported that ProPhase Biopharma raised up to $100 million from family office Hexstone Capital.
The company said it plans to invest the funds concurrently in purchasing virtual assets and in a tumor treatment development project. However, it did not disclose which specific virtual assets it plans to buy.
ProPhase is expanding its investment portfolio from its existing healthcare-focused business into blockchain and digital assets, and this funding is interpreted as part of strategic business diversification.
JH Kim
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