DURHAM — A pre-clinical stage pharmaceutical company based in Durham has raised roughly $3.1 million in a private equity offering, according to a filing Monday with the Securities and Exchange Commission.
Renovion Inc. raised the money from 43 investors, according to the filing. That’s in addition to roughly $4.9 million raised in February, bringing the total raised to $8.1 million since the beginning of the year.
The filing noted the use of funds would go towards the payments of salaries.
The company also raised $1.8 million back in 2017.
The company is developing a therapy for chronic inflammatory airway diseases. Its goal is to be the first drug ever approved for patients who have received a bilateral lung transplant.
After success in these patients, Renovion wants to help patients in other areas such as cystic fibrosis, asthma and chronic obstructive pulmonary disease.
Dan Copeland is the company’s chief executive officer. He was the founder and president of Emerge Life Sciences, a consulting company focused on new and emerging technologies in the life science space with significant work in translational medicine and devices over the last decade.
Prior to this, he focused on commercialization of respiratory products for asthma and chronic obstructive pulmonary disease with GlaxoSmithKline.
The company’s development efforts are based on basic research at UNC-Chapel Hill and further corporate investment in the asset since 2015.