Each week, we’ll round up startup news from the UNC journalism students behind North Carolina Business News Wire. To read all of the students’ work covering public and private companies around the state, sign up for the daily newsletter.
Durham-based Innocrin Pharmaceuticals raises $6 million
By Chris Roush
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 Thursday 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.
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.
Durham-based Spyryx Biosciences raises $5 million
By Chris Roush
A Durham-based biotechnology company has raised $5 million from a debt and options offering, according to a filing with the Securities and Exchange Commission.
Spyryx Biosciences Inc. raised the money from 13 investors, according to the filing.
The company said that the money will be used for working capital, which may include compensation to its executive officers.
The company, which was founded in 2014, is developing disease-modifying therapies for obstructive lung disease based on the natural fluid control mechanism in the lung. The company’s initial focus is on cystic fibrosis.
In February, Spyryx announced the successful completion of a Phase 1 study for its lead compound, SPX-101, in healthy volunteers.
The drug is designed to restore a natural pathway in the lung that regulates airway hydration and promotes mucociliary clearance, which is dysfunctional in cystic fibrosis.
Spyryx is funded by a first-tier syndicate of life science investors, including Canaan Partners, 5AM Ventures and Hatteras Venture Partners. It raised $18.1 million in May 2015, according to an SEC filing.
John Taylor is the company’s president and CEO.
He previously was vice president, corporate development at Synageva BioPharma, a biotechnology company focused on protein therapeutics for rare diseases, which he helped to take public via a reverse merger with Trimeris.
Prior to joining Synageva, Taylor was the vice president, business development for Javelin Pharmaceuticals, a clinical and commercial stage company developing treatments for acute pain.
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.
Charlotte-based Stratifyd raises $5.9 million
By Chris Roush
A Charlotte-based data analytics company has raised $5.9 million in a private equity offering, according to a filing with the Securities and Exchange Commission.
Stratifyd Inc. raised the money from four investors, according to the filing, and is seeking another $1.1 million from the offering.
The company previously raised $1.7 million in January 2016.
The company is a data analytics software company whose artificial intelligence platform uses machine learning to turn raw data into decisions.
For example, Stratifyd analyzed feedback from 29,925 reviews left on Cruise Critic for Royal Caribbean Cruise Lines.
It compared an older ship and a newer ship in areas such as entertainment, food, and activities to measure ratings for when the ship was first launched, three years into its voyages, and the current rating to determine which ship rated better over time.
Stratifyd said it saw 300 percent growth in 2016 through demand for its software. During the year, it added clients such as Lenovo, Kimberly Clark, and Ally Bank. Stratifyd also opened international offices in London and Beijing
Its founder and CEO is Derek Wang, who has held positions at Microsoft Research, Xerox, and Bank of America before becoming the associate director of the Charlotte Visualization Center where he worked on projects for Homeland Security and Bank of America, among others.
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.
Raleigh-based mobile app developer Castle raises $529,000
By Chris Roush
Castle Information Systems Inc., a web and mobile app company, raised $529,000 in a private equity offering, according to a filing Friday with the Securities and Exchange Commission.
The company raised the money from two investors and is seeking to raise an additional $271,000, according to the filing.
The company raised $875,000 back in August 2016.
Raleigh-based Castle Information is best known for its Blerbal app.
A week after its 2011 offering, the company applied to trademark the Blerbal mobile app, according to the U.S. Patent and Trademark Office. The app allows users to report news and information to their communities and groups.
David Cozart is the president of Castle Information Systems, which was previously called Swamp Castle.
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.
Raleigh-based Muses Labs raises $2 million
By Chris Roush
A Raleigh-based company developing treatments for Alzheimer’s and dementia has raised slightly more than $2 million in a private equity offering, according to a filing Friday with the Securities and Exchange Commission.
Muses Labs Inc. raised the money from 21 investors, according to the filing, and is seeking to raise an additional $3.7 million.
Muses Labs believes tailored treatment can help patients find a road back to cognitive fitness.
The company has developed the MEND — metabolic enhancement for neuro-degeneration — protocol, which is used in partnership with mental health care providers at Carolina Partners throughout its 27 locations in the state.
The Raleigh-based company was co-founded by chief executive officer Vik Chandra and chief technology officer John Q. Walker.
Chandra has more than 26 years of technology leadership and development experience, including two decades with IBM.
Walker is a computer software veteran and serial entrepreneur with nearly four decades at IBM and three start-ups under his belt. He led the team in the development of the groundbreaking algorithms while managing data in a high-security, HIPAA-compliant environment.
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.
Morrisville-based Myocardial Solutions raises $5 million
By Chris Roush
A Research Triangle Park company that has developed technology to improve cardiac magnetic resonance testing has raised $5 million in a private equity offering, according to a filing Friday with the Securities and Exchange Commission.
Myocardial Solutions Inc., which is based in Morrisville, raised the money from 37 investors, according to the filing.
The company is using software to develop applications for MRI scanners to improve speed, ease and patient experience in order to enhance the clinical utility of cardiac magnetic resonance testing.
Myocardial says its software enables fast image capture and quantitative processing for CMR strain testing through a proprietary algorithm.
By improving existing cardiac exams’ processing speed and objectivity in image interpretation, the company says it may enhance the clinical utility of CMR testing in two important markets:
1. Strain testing is measuring changes in cardiac wall motion to help detect effects of disease and drug toxicity on the heart before patients present with symptoms of heart failure; and
2. By utilizing and comparing strain testing on a relaxed and stressed heart, physicians can detect changes in heart function to potentially identify blood vessel restrictions caused by coronary artery disease.
The technology has been used globally in over 70 major medical research centers.
The company, which was founded in January 2016, completed an initial funding round of $4 million in June 2016.
The technology was developed by Dr. Nael Osman, a radiology professor at Johns Hopkins Medical Center and a founder of Myocardial Solutions.
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.
