RALEIGH — Flag Therapeutics Inc., a Raleigh-based oncology and therapy company, raised $485,000 in equity, according to a Securities and Exchange Commission filing.

This was the company’s first sale of securities since it raised $500,000 in 2016. According to the filing, Flag must raise $265,000 more to sell its total offering amount. The filing did not specify how it intends to use the proceeds.

Flag, which was founded in 2013, owns exclusive worldwide rights to two product platforms that the company says has the potential to cure many types of cancer.

Flag Therapeutics

In 2014, Flag was awarded a $50,000 company inception loan from the North Carolina Biotechnology Center.

Currently, Flag’s research is focused on treatment for glioblastoma, a type of cancer that affects the nervous system.

Frank L. Sorgi, president and CEO of Flag, has over 20 years of experience in the field of drug delivery and dosage form design. He is a former president, CEO and board member of California-based Optime Therapeutics.

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 UNC-Chapel Hill’s School of Media and Journalism