DURHAM — Biotechnology company Spyryx Biosciences has raised $5.9 million to fund its working capital and compensate its executive officers, according to a filing with the Securities and Exchange Commission on Thursday.

The Durham-based company raised the funds from seven investors after selling debt and options.

Upon receiving these funds, Spyryx has raised a combined $29.1 million over the past three years. It sold $5 million in debt and options to 13 investors in July 2017 and $18.2 million in equity in April 2015 to 13 investors.

The clinical stage biotechnology company uses inhaled antibiotics to treat pulmonary diseases such as cystic fibrosis. Its treatments aim to increase airway hydration and mucus clearance to improve lung performance.


Antibiotics that are inhaled are more concentrated and have fewer side effects than those that are orally delivered, according to an article provided by the U.S. National Library of Medicine.

Spyryx announced promising results from the Phase 2 clinical trial of its SPX-101 drug in June. The drug serves to clear mucus from the lungs of people with cystic fibrosis.

The Cystic Fibrosis Foundation awarded Spyryx up to $5 million to support the drug’s development. The drug must complete a Phase 3 clinical trial before being considered for approval by the U.S. Food and Drug Administration.

The company was founded by Donald Rose in 2013.

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