Innovate Biopharmaceuticals, which is targeting gastrointestinal diseases, has raised more than $500,000 and is seeking another $1.5 million as it looks to bring two drugs to market.

The funding was disclosed in a regulatory filing.

Five investors have participated so far in the round, according to the filing. Investors were not identified.

In January of this year, Innovate acquired the rights to a drug targeting pancreatitis that was developed by another company but had stalled in Phase 3 clinical trials. The company, Repligen, had already received a New Drug Application from the FDA as well as a Marketing Authorization Application that had been filed with the European Medicines Agency.

“We are excited to have this Phase 3 asset in our pipeline and are currently working with investors to ensure that we are able to quickly bring this product to market,” said Innovate President Jay Madan when the deal was announced. 

Innovate’s second compound, INN-108, is seen as a treatment for ulcerative colitis. It was scheduled to begin Phase 2 clinical trials this year.

The acquired compound is now called INN-329. It mimics the hormone secretin, which stimulates the body’s production of pancreatic fluid. As a result, Innovate says, INN-329 enhances doctors’ ability to detect pancreatic abnormalities, including early cancer, using magnetic resonance imaging, Jim Shamp of the N.C. Biotechnology Center reported.

Jerry Gardner, M.D., Innovate’s head of clinical strategy, said secretin’s actions in the central nervous system may also influence food intake and possibly play a role in the treatment of both malnutrition and obesity.