A Durham-based pharmaceutical company developing prostate and breast cancer drugs has raised $6 million in a debt and options offering, according to a filing with the Securities and Exchange Commission.
Innocrin Pharmaceuticals Holdings LLC raised the money from seven investors, according to the filing, and is seeking to raise an additional $7 million.
The company wholly owns the patents of several inhibitors that may have high commercial potential for the treatment of cancers such as ovarian, liver, bladder, and head and neck.
In addition, Innocrin plans to develop inhibitors for the treatment of non-oncologic syndromes that are due to hormone excess, including endometriosis, polycystic ovary syndrome and congenital adrenal hyperplasia.
- VIDEO: Watch a video overview of the company at https://www.youtube.com/watch?v=C3eWMM12x58
The company was spun off from Viamet Pharmaceuticals in 2014.
Well-known biotech executive Fred Eshelman is the company’s chief executive officer. He is the founder of Eshelman Ventures LLC, an investment company primarily interested in private health care companies.
Previously he founded and served as CEO of Pharmaceutical Product Development. He also served as founding chairman and largest shareholder of Furiex Pharmaceuticals, which was sold to Forest Labs/Actavis in July 2014.
His career has also included positions as senior vice president of development and board member of the former Glaxo Inc., as well as various management positions with Beecham Laboratories and Boehringer Mannheim Pharmaceuticals.
Innocrin’s investors include the Novartis Venture Fund, Eshelman Ventures, Lilly Ventures, Hatteras Venture Partners, Intersouth Partners, Lurie Holdings, and Astellas Venture Management. It raised $28.1 million in April 2015.
Companies relying on a Reg D 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