DURHAM — A Durham-based pre-clinical stage pharmaceutical company has raised almost $500,000, according to a Thursday filing with the Securities and Exchange Commission.
Renovion
According to its website, Renovion aims to create the first-ever drug approved for patients who have received a bilateral lung transplant. It also wants to help patients in other areas such as cystic fibrosis, asthma and chronic obstructive pulmonary disease.
Its main drug, Arina-1, is currently in pre-clinical development and is seeking U.S. Food and Drug Administration approval.
Renovion has raised $492,196, while the total filing is for $800,000. It aims to raise $307,804 more. It raised the money from 10 investors, according to the filing.
The last time the company raised money was in May 2018 when it raised $350,000.
CEO Daniel Copeland was the founder and president of Emerge Life Sciences, a consulting company focused on emerging technologies in the life sciences field. Copeland also earned his M.B.A. from UNC-Chapel Hill’s Kenan-Flagler Business School in 1998.
According to the filing, the money will be not be used to pay executive officers or directors, other than the payment of ordinary salaries to executives listed on the Form D.
The company also claimed a Rule 506(b) exemption for the filing. Companies relying on this rule may raise an unlimited amount of money and do not have to register their offering of securities with the SEC, but they must file what is known as a “Form D” electronically with the SEC after they first sell their securities.
Renovion was founded in 2015 and has research and development efforts based at UNC-Chapel Hill.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
