Innovate is in the process of executing s reverse merger with Monster Digital (Nasdaq: MSDI), which is based in California.

According to the filing, the $1.45 million was raised by three separate investors. This past May, the Raleigh-based company raised an additional $1 million. It is seeking to raise an additional $550,000.

In November 2016, Innovate raised $2.6 million from 19 investors.

Founded in 2014, Innovate is focused on developing gastroenterology medicines specifically for autoimmune and inflammatory diseases. The company owns more than 150 patents worldwide.

The company’s Chief Executive Officer Christopher Prior was the former founder, president and chief scientific officer of BioRexis Pharmaceuticals, a biopharmaceutical company that was acquired by Pfizer Inc. in 2007.

Additionally, Prior was also the founder of Principia Pharmaceuticals and a senior executive at Human Genome Sciences after its acquisition of Principia.

Private companies such as Innovate Biopharmaceuticals relying on a Reg D exemption do not have to register their offering of securities with the SEC, but must file a Form D electronically with the SEC after they sell its securities.

More information about Innovate can be found on the company’s website.

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