Thus far the company has just over $1 million raised from 30 investors, however they’re seeking much more. The filing details an offering up to $10 million but states, “if the offering is oversubscribed issuer and placement agent may at their mutual discretion have the issuer offer up to an additional $10,000,000 principal amount.” The filing also states the raise will be made up of debt and securities.
This is new for Aerami, formerly known as Dance Biopharm. Since the company’s first raise in 2015, all funding to date has been equity only. In total, the company has collected more than $86 million, according to SEC filings.
Aerami has had a challenging year. The company, which creates therapies and administration platforms focused on cardiopulmonary diseases, suffered the loss of its CEO, Lisa Yañez, in May after a car accident. The company’s Chief Operating Officer Joshua Ziel was appointed Interim CEO in June and remains listed as such on the website. Board Chairwoman Anne Whitaker also positioned in a leadership role and is listed as the CEO in the SEC filing from last week.
The company has continued working on its therapeutic solutions, announcing results from a phase I clinical trial of its inhaled therapy, AER-901 in September. The randomized double-blind, placebo-controlled trial tested doages for safety, tolerability, and pharmacokinetic impact.