RALEIGH — A Raleigh-based biotechnology company has raised $300,000 in a private debt and options offering, according to a filing with the Securities and Exchange Commission.
Arrevus raised the money from one investor. It intends to use some of the money as working capital, according to the filing.
The company is developing therapies that will reduce treatment failure rates and improve clinical outcomes for these targeted groups.
According to Arrevus, there is an urgent need to provide effective treatment options for patients who are unable to mount a normal immune response to bacterial infections, due to underlying diseases.
This population is at high risk of poor outcomes from these infections, ranging from antibiotic switching to increased mortality.
The chairman and chief executive of the company is Carl Kraus.
For the past decade, Kraus has held scientific and management roles in the pharmaceutical industry, including i3Research, a subsidiary of United Health Group, where he served as senior director of infectious diseases.
He also worked at PRA International, where he was the global scientific head for infectious diseases. He has most recently served for three years as the chief medical officer for Nanotherapeutics, a biodefense-oriented biotechnology company.
In March, the company received a $300,000 grant from the National Institute of Allergy and Infectious Diseases of the National Institutes of Health to further research using one of its products, ARV-1502, for the treatment of antibiotic-resistant wound infections.
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
