A US developer of spider silk-based fibres has secured $10 million in a standby equity purchase agreement with a hedge fund as it continues to expand production.
Kraig Labs has received these standby funds from Ya Ii Pn, Ltd to access this capital over the next 36 months as it continues to increase production expansion for its recombinant spider silk fibres and materials.
The company says it’s under no obligation to utilise this funding.
Earlier this month Kraig Labs announced the creation of a new transgenic, inspired by the Darwin’s bark spider (Caerostris darwini), which has documented by some studies as the toughest biological material ever measured, over 10 times tougher than para-aramid fibres, the material used in bulletproof vests and other high-strength applications.
