US Capital Global to Launch $20 Million Funding Round for THPlasma's Expansion
Offering Structure and Purpose
US Capital Global Securities LLC is underwriting a $20 million securities offering for True Health Inc.'s THPlasma. This announcement signifies the commencement of fundraising targeting accredited investors, rather than the completion of the fundraising. The $20 million should be considered the maximum target amount, not a confirmed amount. The funds will be used to expand the plasma collection network and strengthen working capital, thereby increasing the supply of source plasma for growth.
Business Model and Scalability
THPlasma is not a biotech company developing new drugs in clinical trials, but rather a commercial operator that collects and sells source plasma in the northeastern United States. It expanded from two centers in fiscal year 2024 to five centers in New Jersey and Pennsylvania in fiscal year 2025, and has annual sales capped at $100 million under long-term offtake agreements. The company's projected revenue and EBITDA for fiscal year 2025 are $10 million and $2 million, respectively, and $32 million and $7 million for fiscal year 2026. The company's business model is structured to generate operating leverage as new centers are approved and utilization rates increase.
Therapeutic and Regulatory Context
THPlasma's portfolio does not include branded drugs or Phase 1, 2, or 3 clinical candidates. The collected plasma is supplied as a raw material for approved plasma fractionation products such as immunoglobulins, albumin, and coagulation factors. A representative product is Hizentra, a human-derived intravenous immunoglobulin product from CSL Behring, which is a polyclonal IgG that binds to multiple pathogen antigens and was approved by the FDA on March 4, 2010. HyQvia from Takeda Pharmaceutical Company (TAK) is a combination of human intravenous immunoglobulin and recombinant human hyaluronidase PH20, which was approved by the FDA on September 12, 2014. Collection centers are subject to FDA blood product regulations and facility licensing and inspection systems, rather than new drug approval reviews or advisory committees.
Market and Competitive Landscape
The global plasma protein therapeutics market is projected to grow from $34.6 billion in 2025 to $37.5 billion in 2026 and $66.5 billion in 2033, with the US market accounting for $8 billion in 2025. However, THPlasma faces competition from large companies such as CSL Limited, Grifols (GRFS), Takeda Pharmaceutical Company (TAK), and Octapharma, which are vertically integrated from collection to fractionation and finished product sales. The fact that the US collects more than two-thirds of the world's source plasma makes the expansion of collection centers strategically valuable. However, the speed of center openings, donor recruitment costs, FDA inspections, and actual delivery volumes under offtake agreements will determine whether the company achieves its 2026 financial targets.
This offering is not an investment in clinical success, but rather financing for plasma collection infrastructure that supports THPlasma's goal of $32 million in revenue and $7 million in EBITDA in fiscal year 2026. With the global plasma protein therapeutics market expected to expand from $34.6 billion in 2025 to $66.5 billion in 2033, THPlasma aims to capitalize on supply shortages with its five centers and up to $100 million in annual offtake agreements. For researchers and patients, this means improved stability in the supply of approved immunoglobulin therapies such as Hizentra and HyQvia. However, the company must compete with the vertical integration of CSL Limited, Grifols (GRFS), Takeda Pharmaceutical Company (TAK), and Octapharma, and the $20 million is a target amount, not a confirmed amount. Therefore, the approval and utilization rates of each center, as well as the actual amount of investment, are key to short-term valuation.