RESEARCH TRIANGLE PARK – Lindy Biosciences, a Research Triangle Park-based biotechnology company, has raised more than $3.2 million, according to an SEC filing.
The filing indicates that the company could raise up to $5 million of equity funding in this round. That was confirmed by the company’s CEO, Deborah Bitterfield, who spoke with WRAL TechWire this week about the funding and the company’s plans.
According to the filing, 29 investors have participated in the funding round, thus far, and the total raised is $3,259,946.
Proceeds will be used for working capital, according to the filing.
“That will be partly for growth for the company,” said Bitterfield. “We will be moving to a larger facility.”
That move will occur later this year, said Bitterfield. Demand for life science and biotechnology facility and laboratory space is incredibly high in the Triangle, and nationwide.
Report: Demand for life science lab, R&D space, at record high, including Triangle
Growth and scale
“Will be scaling technology, so that we can prepare for clinical trials with our partners,” Bitterfield told WRAL TechWire. The company will also hire additional employees, Bitterfield noted, but declined to provide specifics.
In January 2019, the company raised just under $550,000 in equity. That followed raising $150,000 in debt financing in March 2018.
Lindy Biosciences participated in the CED Life Science Conference in 2017. WRAL TechWire published a profile of the company that had appeared in the conference materials in 2017.
Bitterfield noted that the company will again participate in the upcoming CED Venture Connect conference.
“We’ve been going there pretty much every year since we launched the company in 2017,” said Bitterfield. The company will leave its fundraising round open, said Bitterfield.
