DURHAM — Drug development company Icagen Inc. raised $7.25 million from one investor, according to a filing with the Securities and Exchange Commission.
The Durham-based company filed a Form D to report the offering and disclosed that the funds will be used to pay overhead and other corporate expenses, such as salaries.
The company’s offering was comprised of a combination of debt and options and has a duration of less than one year.
Icagen paid a total of $307,500 in finders’ fees. Finders’ fees are the payment to a financial intermediary who was responsible for assisting in the discovery of the investor.
Icagen has received a significant amount of capital in 2018. The Cystic Fibrosis Foundation awarded it $11 million in May 2018 to support an integrated, multi-year drug discovery initiative, according to Icagen’s website.
It raised an additional $2.5 million through debt and equity financing in 2018. $2 million came from an equity financing in April and $500,000 came from a debt and option offering in August.
The $20.75 million that Icagen raised in 2018 is significantly more than the $3.5 million raised in the entirety of 2017.
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.
The form can be found here.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism