05:12 AM EST, 12/31/2024 (MT Newswires) -- FibroBiologics ( FBLG ) said late Monday it has closed the second $5 million tranche of its standby equity purchase agreement with YA II PN, an investment fund managed by Yorkville Advisors Global.

The biotech company said it expects to use net proceeds from the financing tranche for general corporate purposes.

The equity purchase agreement lets FibroBiologics ( FBLG ) sell up to $25 million of its shares to Yorkville over two years, the company said.