Onpharma and First Block Launch What They Call the First Solana Security Token Offering for a US Medical Device Business

Three companies announced on Tuesday what they describe as the first Security Token Offering on Solana for an established US operating business: an equity stake in Onpharma, a Delaware-incorporated medical device company whose dental anesthesia buffering product is used in millions of injections annually.

The offering is structured under Regulation S of US securities law, which limits participation to non-US investors. Settlement occurs in USDC or USDT on the Solana blockchain.

The Companies and Their Roles

First Block, a digital securities and tokenization infrastructure company, is providing the on-chain architecture: issuance, compliance controls, and Solana-based settlement. Crito Capital LLP, an FCA-authorised UK investment banking and advisory platform, is handling structuring and capital formation. Onpharma is the issuer.

"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 significant growth potential."

Onpharma CEO Matt Stepovich described the offering as an opportunity to reach international capital with a structure suited to how modern markets work. "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," he said.

What Onpharma Makes

Onpharma's core product is the Onset EZ Pen, a disposable device that buffers local anesthetics before injection in dental procedures. Buffering raises the pH of standard anesthetic cartridges, which the company says accelerates onset time and reduces injection discomfort, addressing a long-standing workflow friction in dentistry.

The product requires no assembly and slots into existing dental workflows. According to the company's announcement, the Onset EZ is already used to buffer millions of dental injections annually, with Onpharma reporting $7.1 million in revenue and gross margins of approximately 75%. The global dental anesthesia buffering market is valued at roughly $2 billion and projected to reach $2.65 billion by 2030. Septodont, a major dental supply company, entered the buffering category in February 2025, which the STO prospectus cites as validation of the category.

How the STO Works

The offering converts common stock ownership rights into blockchain-based digital tokens settled on Solana. First Block's infrastructure combines atomic settlement, programmable ownership architecture, and KYC-gated secondary transfers. Ownership records are maintained on-chain; token transfers are wallet-compatible but compliance-controlled.

The structure is an exempt offshore issuance under Regulation S. Only qualified non-US investors are eligible to participate. The offering is live at sto.onpharma.com.

The deal size has not been disclosed.

Solana's Growing RWA Footprint

This offering arrives as Solana-based real-world asset activity is expanding. Tokenized equities on Solana hit a $187.9 million volume all-time high earlier this month. Backpack's propAMM infrastructure has added secondary market mechanics to on-chain equity trading, building out the stack that the Onpharma STO now settles into.

The Onpharma STO adds a different dimension: rather than wrapping existing publicly traded stocks, it tokenizes equity in a private US operating company and distributes that equity to international investors under a recognized securities exemption.

Whether the infrastructure scales beyond this single deal will depend on demand from other private companies looking to reach international capital via on-chain issuance. First Block's role as infrastructure provider rather than issuer positions it to run that template again. For now, this is one transaction, with one operating business, in one regulatory structure.