DURHAM — Boragen, Inc., a molecule development company, has raised $3 million by selling debt, according to Securities and Exchange Commission filing on Thursday.
Boaragen
The $3 million was raised from 14 investors with the date of the first sale at the beginning of February. The offering has $1.25 million remaining to be sold for a total of $4.25 million. The filing did not disclose what the company plans to do with the money.
The Durham-based company focuses on leveraging the chemical properties of Boron chemistry, both in crop protection and animal health.
Boragen was founded in 2017 to combat three different trends: a rise in the global population, a decrease in farmable land and the emergence of resistant pathogens that can threaten our food supply.
The trends created an opportunity for the company to discover new and sustainable technologies to meet global agricultural challenges. The company’s synthetic chemistry platform focuses on harnessing a novel mode of action, challenging resistant pathogens and reducing overall pesticide usage.
Boragen’s CEO, John Dombrosky, brings to the company more than 20 years of finance, business development and general management experience. Additionally, Dombrosky has experience in the industry dealing with agriculture biolicensing and intellectual property litigation valuations.
In early 2017, the company raised $10.5 million in equity from 28 investors. The money was used for general corporate purposes including, but not limited to, executive salaries. The filing can be found here.
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
