Raleigh biotech firm Agile Sciences raises $1M in equity
RALEIGH — Raleigh biopharmaceutical company Agile Sciences, which is pioneering a new mechanistic approach for the treatment of antibiotic-resistant, life-threatening infections, has landed a $1 million in equity, according to a recent securities filing.
One investor contributed to the round, which is capped at roughly $5 million, with $4 million remaining to be sold.
Other than the payment of salaries and other compensation and benefits and reimbursement of expenses, no officer, director, partner, manager or promoter will receive any payments from the proceeds of this offering, the filing noted.
Agile was spun out of North Carolina State University in 2017 with the help of a $30,000 startup loan from the North Carolina Biotechnology Center. Its founders, professors Christian Melander and John Cavanagh, had a vision to provide commercial solutions to those industries plagued by antibiotic resistance and biofilms.
Today, Agile Sciences’ core technology consists of a new class of 2-aminoimidazole (2-AI) small molecules that inhibit bacterial resistance mechanisms through a novel mode of action resulting in an enhanced antibiotic activity.
Agile Sciences said it is exploiting the above attributes of the 2-AI compounds in three therapeutic areas that are difficult-to-treat: multi drug-resistant bacterial infections; lung infections in cystic fibrosis patients and chronic wound infections.
Original Article Source: WRAL TechWire