A Chapel Hill, North Carolina-based company sold $467,487 in a private stock offering, according to a Securities and Exchange Commission filing.
Renovion Inc. filed the form D on Aug. 30. The company did not disclose what it intended to do with the proceeds, and according to the filing it hopes to raise another $530,000.
The company is a pharmaceutical corporation with a therapy for chronic inflammatory airway diseases. The company’s flagship pharmaceutical product, Arina-1, is still in pre-clinical stages.
Renovion was formed in 2013 to leverage a pharmaceutical discovery at the University of North Carolina-Chapel Hill that reduces infection and addresses airway inflammation through the use of a novel therapy – Arina-1.
According to the company’s website, its goal is for Arina-1 to be the first drug ever approved by the Food and Drug Administration for patients who have received a bilateral lung transplant. The therapy has been used successfully in three trials so far: one patient with cystic fibrosis, one bilateral lung transplant patient with cystic fibrosis and one patient with asthma.
Companies relying on a Reg D exemption, such as Renovion, do not have to register securities offerings with the SEC, but must file a Form D electronically with the SEC after they first sell securities.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.
