​SynShark LLC, a bioscience company developing a method to extract specialty chemicals from tobacco, plans to raise $500,000 using debt and stock options.

SynShark manager Jason M. Ornstein filed a Form D disclosing the sale on March 2.

So far, one investor has bought $213,000 of the offering, which began Jan. 27. The company expects this offering to last less than a year.

Investors may purchase a portion of the remaining $287,000 offer with a minimum investment of $20,000.

The company did not disclose its intentions for the funds, except that $50,000 of the proceeds will go to the executive officers, directors or promoters.

SynShark is developing a method for extracting squalene from tobacco. Squalene is typically derived from shark livers and used in vaccines and cosmetics. The company founded in 2013 and employs less than 20 people at its only location in Leland, North Carolina.

Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism