Flag Therapeutics Inc., an early-stage oncology company based in Raleigh, has raised $500,000 of a $1 million equity raise, according to a regulatory filing.

The company is focused on the development of therapies based on two investigational product platforms – the Anti-angiogenic/Anti-tubulin (AA/AT) platform and Folate-target Anti-cancer (FTAC) platform.

According to its website, FLAG acquired exclusive worldwide rights to these two product platforms in November 2013 through a licensing agreement with Duquesne University. The platforms, which include thousands of investigational water-soluble small molecule compounds with the potential to treat multiple types of cancer, represent over 30 years of research conducted by Dr. Aleem Gangjee, distinguished professor of medicinal chemistry at the Duquesne University School of Pharmacy.

The aim is to create new treatment options with greater safety and efficiency profile sensing with existing therapeutics. It’s two investigational product platforms have the potential to treat multiple forms of cancer the company says.

The company received a $50,000 inception grant from the North Carolina biotechnology Center in 2014.

More than $12 million in grant funding has been used to synthesize, optimize and screen compounds in vitro and in vivo, resulting in a library of thousands of promising compounds, according to the company. Flag has 26 issued patents,10 in the US, 16 internationally, with 28 pending applications.

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