Linus Biotechnology Inc. announced that it will issue 4,028,196 series B preferred stock of par value $0.00001 at issue price of $1.986 for gross proceeds of $7,999,997 in funding on May 19, 2023. The shares are convertible and non-redeemable. The shares will carry a non-cumulative dividend at rate of 8% per annum.

The company will issue securities pursuant to exemption provided under Regulation D. The company will raise the funding at a post-money valuation of $31,913,594.