London, United Kingdom, June 17th, 2026 - First Block Inc., Onpharma Company (a Delaware entity), and UK-based Crito Capital LLP announced the launch of a Security Token Offering (STO) built on the Solana blockchain that represents ownership in an operating U.S. medical device business. The firms say the transaction brings real-company equity onto Solana-based tokenised capital formation and represents a structural step in the evolution of private markets.
The offering is available for investment through the landing page at sto.onpharma.com. According to the parties, the STO uses Solana's infrastructure to combine atomic settlement technology, programmable ownership features, and digital distribution capabilities, while being structured within the confines of applicable U.S. securities law.
Tokenisation framework and operational mechanics
The STO is described as deploying a tokenisation framework that addresses inefficiencies common to traditional private placements. By consolidating issuance, settlement, and cross-border distribution on a programmable, blockchain-enabled system, the sponsors say the structure reduces reliance on fragmented intermediaries and compresses steps that typically require multiple custodians, manual reconciliation, and multi-party coordination.
Secondary transactions are intended to take place on-chain across compatible wallets, subject to know-your-customer controls, which the sponsors assert will enable near-instantaneous settlement, on-chain secondary trading liquidity, and international accessibility under Regulation S and other applicable legal frameworks. The offering is structured specifically as a Regulation S offshore issuance directed to non-U.S. investors, combining what the parties call the legal certainty of an exempt securities offering with Solana's speed and cost efficiencies.
What the STO represents
Rather than recording ownership via a traditional share register, the Onpharma STO issues blockchain-based security tokens that represent and transfer ownership rights in the company’s common stock. The issuance is presented as an alternative private-placement vehicle that leverages Solana-based settlement to accelerate distribution and settlement relative to conventional private market processes.
Onpharma’s business and investment thesis
Onpharma develops dental technologies aimed at improving local anaesthetic performance in dentistry. Its primary commercial product, the Onset EZ Pen, is a disposable anaesthetic buffering device that the company says is already used to buffer millions of dental injections each year. The Onset EZ Pen is presented as requiring no assembly or specialist training, allowing clinicians to integrate it into existing workflows.
The company is described as being at a post-validation, pre-scale inflection point: infrastructure, supply chain, regulatory compliance, and initial commercialisation are reported to be in place, while the growth phase is beginning. The press materials cite Septodont’s market entry in February 2025 as a validation event that has reduced category risk by increasing awareness of anaesthetic buffering as an emerging standard of care.
Onpharma’s commercial model emphasizes repeat consumable revenue from disposable pens, combined with scalable direct-marketing and customer conversion. The global dental anaesthesia buffering market is stated to be valued at $2bn and projected to reach $2.65bn by 2030. Proceeds from the STO are earmarked to extend field sales capability and to expand direct selling supported by the company’s recently deployed AI marketing tools.
Infrastructure and advisory roles
First Block’s digital securities architecture underlies the transaction from issuance and compliance through Solana-based settlement and distribution. The firm presents its platform as compressing conventional private-placement infrastructure and custodial fragmentation into a single programmable system designed for speed and wallet-level accessibility for international investors.
Crito Capital LLP, an FCA-authorised investment banking and advisory platform focused on institutional capital formation, is providing structuring and advisory services for the offering. In the announcement, First Block’s CEO Daniel P. Cannon framed the transaction as the start of a convergence between capital markets and Solana-based securities infrastructure, noting the significance of the STO being linked to a real operating company with a commercial product and revenue potential.
"This is larger than a traditional financing," said Daniel P. Cannon, CEO of First Block. "We believe this transaction represents the beginning of the convergence between capital markets and Solana-based securities infrastructure. The STO itself is the story, but it starts with a real operating company, a real product, and exceptional revenue growth potential."
"Onpharma has spent years building a real operating business around a simple clinical objective: making local anaesthetic better for dentists and patients," said Matt Stepovich, Onpharma’s CEO. "This offering allows us to present a validated, revenue-generating medical device platform to a wider base of qualified international investors via a structure that reflects how capital markets are evolving. Combining Onpharma’s real-world commercial traction with First Block’s Solana-based securities infrastructure is an important step in making growth capital formation more efficient, accessible and transparent."
Practical and legal positioning
The sponsors emphasize that the offering is intended solely for non-U.S. persons in offshore transactions pursuant to Regulation S under the Securities Act and is not targeted at U.S. persons or investors located in the United States. Secondary on-chain transactions will be subject to KYC controls and other compliance measures appropriate to an exempt offshore offering.
Additional details on participation frameworks and offering structure are available via the STO landing page at sto.onpharma.com, according to the release.
Company profiles
First Block Inc. is described as a blockchain infrastructure and digital securities company focused on compliant tokenisation, STOs, real-world-asset digitisation and Solana-based settlement architecture for global markets.
Onpharma Company develops dental technologies focused on improving local anaesthetic in dentistry, with the Onset EZ Pen buffering platform positioned to improve anaesthetic reliability, accelerate onset time, and increase injection comfort for patients.
Crito Capital LLP is a UK-based investment banking and advisory firm authorised and regulated in the UK, focused on institutional capital markets, strategic advisory, and emerging fintech.
Forward-looking statements and legal notice
The announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, without limitation, statements regarding Onpharma Company’s business strategy, anticipated growth, market opportunity, product development, commercialization efforts, expected revenues, financing plans, digital asset initiatives, tokenization initiatives, regulatory matters, and future operations. These statements are based on current expectations, estimates, assumptions, and projections that involve significant risks and uncertainties, many of which are beyond the Company’s control. Actual results may differ materially from those expressed or implied by the forward-looking statements due to a variety of factors, including, without limitation, market conditions, regulatory developments, financing availability, competition, technological developments, product adoption, operational execution, and other risks and uncertainties. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.
The press release is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any offering of securities referenced herein will be made solely pursuant to definitive offering documents and in compliance with applicable securities laws and regulations.
Contacts
Media contact listed in the announcement: Mr Richard Morgan Evans, Sapience Communications, rmorganevans@sapiencecomms.co.uk
Note: The offering referenced is intended solely for non-U.S. persons in offshore transactions pursuant to Regulation S and is not directed to U.S. persons or investors located in the United States.