A Durham-based biotechnology company has raised $25 million in equity and debt, according to a Securities and Exchange Commission filing.
Micell Technologies Inc. filed a Form D with the SEC on Nov. 18. The filing listed a total offering amount of $30 million in equity and debt, with $4.23 million remaining to be sold. Fifty-one investors participated in the offering. [screen-shot-2016-11-18-at-10-18-18-am]
The company didn’t specify what it intends to do with the proceeds, according to the filing. Invemed Associates LLC, a merchant and investment banking firm, received $28,040 for sales commission.
Micell Technologies is a technology company that develops drug-delivery systems for the interventional cardiology market. The company’s flagship product, MiStent, is designed to optimize healing and clinical performance in patients with coronary artery disease. It has not been approved for sale or use in the U.S.
Arthur Benvenuto, chief executive officer of the company, signed off on the firm’s Form D on Thursday. Previously, Benvenuto served as chairman of life sciences for RA Capital Group, an advisor to venture capital firms.
Private companies similar to Micell Technologies, which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.
Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
