Durham medical device company Physcient hopes to raise $1 million

Physcient Inc. is hoping to raise $1 million in a private stock offering, according to a Securities and Exchange Commission filing. It has raised $344,862 thus far.

The company filed the Form D on April 26. It did not disclose what it intended to so with the proceeds.

Physcient is owned and operated by Hugh Crenshaw and Charles Pell. The company was founded in 2007 and develops new surgical tools designed to decrease tissue damage.

The company is currently developing a dissector that differentiates between tissue types for laparoscopic, thoracic, endoscopic, plastic and general surgery.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism