University of Notre Dame increases equity in Kraig

Kraig Biocraft Laboratories, Inc., the leading developer of spider silk based fibres, has signed an agreement with the University of Notre Dame, which increases the university’s equity position in Kraig Labs. The biotech company has worked in collaboration with the university for 10 years, developing the company’s recombinant spider silk technologies.

Under the agreement, the university has converted a portion of the moneys owed to it, by the Company, to common stock. The remaining balance of the moneys, owed to the University, has been converted into a note that is payable over the course of 2 years, Kraig said in a press release.

"The Notre Dame Idea Center is excited by the commercial prospects in front of Kraig Biocraft and is pleased to be able to conclude this most recent agreement, which gives Kraig some additional runway to continue its development of commercial spider silk products," said Notre Dame’s Richard Cox, director, licensing & business development.

"We have been working with Notre Dame on this deal for quite some time. Today, we are pleased to report that, having now finalized this agreement, they have nearly tripled their equity position in the company," said COO Jon Rice. "The deal has strengthened the company’s balance sheet and, in conjunction with the equity financing announced Monday, improves our financial position, as we move towards larger scale production." (RR)

Fibre2Fashion News Desk – India