Qualyst, a spin-off of the University of North Carolina at Chapel Hill that is focused on drug research and discovery, has closed its first round of financing.
The company didn’t disclose the amount but did say the round was “oversubscribed.”
Qualyst, led by Chief Executive Scott Neuville, closed on its first money of the round last September. It also received a $160,000 grant from the North Carolina Bioltechnology Center and UNC’s Kenan Institute in December.
“This placement of preferred stock places Qualyst in a strong financial position,” Neuville said in a statement. “The proceeds of this offering will be used to support operations and our growing customer base.”
Neuville said Qualyst has already secured contracts with several pharmaceutical companies. It announced a contract with Astra Zeneca last fall.