RESEARCH TRIANGLE PARK — A company developing a drug to treat Alzheimer’s disease has raised $6 million in a private equity offering, according to a filing Monday with the Securities and Exchange Commission.
T3D Therapeutics Inc. said that the money, which came from one investor, will be used for working capital, which may include normal compensation to executive officers.
In January, the company raised more than $700,000 from selling debt and options.
The company was founded in 2013 to challenge the prevailing thinking over the last two decades in the development of solutions to effectively treat Alzheimer’s disease. Its mission is to develop a new drug for the treatment of Alzheimer’s disease.
Its lead product candidate, T3D-959, targets both the brain “starvation” and “strangulation” of Alzheimer’s disease and by treating multiple manifestations of the disease.
John Didsbury is the company’s chief executive and chairman of the board.
Didsbury was previously president, chief operating officer and chief scientific officer of DARA BioSciences Inc., now Midatech Pharma US. At DARA he led the development of T3D-959 and directed all operations of the business, overseeing all finances, financing efforts, business development, human resources and administration and directing all drug discovery programs of the company in a CSO role.
He played a key role in taking the company public in 2008 through a reverse merger.
Prior to DARA, Didsbury served as chief executive officer of Nuada Pharmaceuticals Inc. Prior to his tenure at Nuada, Didsbury was head of strategy and operations at GlaxoSmithKline Inc. Previously, Didsbury served as associate director of biology at Macronex Inc., as assistant professor of medicine at Duke University Medical Center and as a scientist at Genentech Inc.
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.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism