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Raleigh-based life science startup Innovate Bio raises $1M

May, 15 2017, 10:00 AM

A Raleigh-based biotechnology company has raised $1 million in a private offering that included options and warrants, according to a filing with the Securities and Exchange Commission.

Innovate Biopharmaceuticals Inc. raised the money from one investor, according to the filing. It is seeking to raise an additional $4 million.

In November 2016, the company raised $2.6 million from 19 investors.

Innovate is focused on developing novel gastroenterology medicines. Its pipeline includes drug candidates for celiac disease, an unmet need, an adult orphan indication as well as ulcerative colitis.

Innovate has more than 150 patents worldwide.

Christopher Prior is the company’s chief executive officer.

Prior was founder, president and chief scientific officer of BioRexis Pharmaceuticals, which was acquired by Pfizer in 2007. Prior was also the founder and president of Principia Pharmaceuticals and a senior executive at Human Genome Sciences after its acquisition of Principia.

Private companies such as Innovate Biopharmaceuticals relying on a Reg D exemption do not have to register their offering of securities with the SEC, but must file a Form D electronically with the SEC after they sell its securities.

Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism