CHD Bioscience seeks to raise $14M on top of $20.5M already raised

FORT COLLINS — CHD Bioscience Inc. has launched a $14 million equity-funding round, the latest in a string of equity fundings for the company.

The Fort Collins-based life-sciences company submitted a Regulation D form with the U.S. Securities and Exchange Commission, Feb. 9, detailing the offering. CHD has not yet sold any of the offered securities.

“Nothing has closed, yet,” CEO Michael Handley said in a phone interview Friday with BizWest. “There’s definitely things in the works.”

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CHD in 2015 completed a $1.7 million equity funding round — taking total funds raised at the time to $15 million — and in 2016 raised another $5.5 million. If successful, the $14 million round would take total investment since 2011 to $34.5 million.

“We’re very happy with the progress of the company and the support of investors and shareholders, and we’re looking for a very busy and productive 2017, with success in commercial launches,” Handley said.

Handley said CHD is awaiting approval of its first product, a small-bone orthopedic implant with a coating — known as VeriFixx — that contains its active antimicrobial agent, known as Veriox. The implant is made of polymer and titanium materials and is intended for use in digits and toes. That product is awaiting approval from the U.S. Food and Drug Administration, which could come sometime in 2017.

Additionally, CHD is preparing to submit another product to the FDA for approval. VeriCyn is a topical wound wash using the company’s active antimicrobial agent.

Overall, CHD is targeting the orthopedic, wound and dermatological markets. The company said it believes Veriox is more effective, less costly and safer than other topical antimicrobial therapies currently on the market.

Proceeds from the latest funding round would be used for commercial manufacturing and supply chain for the two products once they’re approved by the FDA, Handley said, as well as for future research and development.

CHD was founded in 1997 and employs 15 people, with another six advisers and consultants who work as independent contractors.