NeuroTronik Inc. raised more than $300,000 in debt and security to be acquired upon exercise of option, according to a Securities and Exchange Commission filing.
The form was filed on Oct. 27.
NeuroTronik raised the full amount of $327,482 from two investors.
NeuroTronik is classified as an other health care company and develops medical devices to treat acute heart failure. It was incorporated in 2012.
- VIDEO: Watch a background video about NeruoTronik at: https://www.youtube.com/watch?v=Op5jZemFqjo
North Carolina is home to over 600 biotech companies including 350 in research and development and 110 in production and manufacturing.
In 2013, NeuroTronik closed a $13.1 million Series A to develop a device that treats heart failure with neuromodulation. The company hopes to meet the need of 1.2 million patients with acute heart failure in the U.S. per year.
This filing was a new notice with the first day of sale being Oct. 17.
The offer is not being made in connection with a business combination transaction such as a merger or acquisition. None of the gross proceeds will be used as payment for executive officers or directors.
NeuroTronik claimed a Rule 506 (b) exemption. Companies relying on the Rule 506 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