Biotech company seeks to raise $2.9m for iGaming project

180 Life Sciences Corp, a biotech company operating out of California, the United States, has surprised investors by announcing that it is going to shift a lot of its operational focus on iGaming.

180 Life Sciences doubles down on exploring iGaming

This comes shortly after in October the company announced that it would be acquiring technology from a cryptocurrency-based iGaming solutions operator and developer Elra in a bid to spearhead its transition, which has now been further fleshed out with the latest offering.

Essentially, 180 Life Sciences is now moving towards launching its own blockchain-powered casino, which will also serve to help streamline its finances and performance.

The biotech industry does not seem to be the only one that has made a sudden shift towards iGaming as the means to bolster its bottom line. Multiple media enterprises, including respected newspapers, have said that they would consider launching their own online casinos.

To help spearhead its current efforts 180 Life Sciences has filed a prospectus supplement with the US Securities and Exchange Commission on December 30, 2024, outlining its plans to sell 1,200,000 of its common stock shares for $2.41 per share.

Apart from the public offering, the company is also offering 1,200,000 shares in the form of unregistered warrants that may be acquired by consumers. All told, 180 Life Sciences expects to raise an estimated $2.9m before factoring in the placement agent fees.

The shift from a developer of potentially cutting-edge medication to an iGaming and entertainment company, though, is still striking.

Interim CEO Blair Jordan has argued that his company is looking to leverage blockchain technology to establish a strong presence in the sector but has not really spoken at length about why the sudden change was necessary.

Bringing the C-level staff to effect the iGaming transition

180 Life Sciences has indeed run into some roadblocks, especially after its lead drug, adalimumab, failed to show any significant results. From that point on, the company has been seemingly exploring other options.

Other than acquiring the relevant iGaming technology in October, and seeking to raise funds, the company has also seen several leadership changes, including the appointment of Stephen Shoemaker to its Board of Directors.

Shoemaker is an iGaming veteran who has vast experience in esports and has presided over various successful ventures in the sector. Whether 180 Life Sciences’ gambit to shift to iGaming will eventually pay off remains to be seen. The company’s share price as of the last closing date is $1.82.

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