LOUISVILLE — AntriaBio Inc. (OTC: ANTB) has raised $3.36 million of a planned offering of common stock, options and warrants that when completed could raise up to $25.4 million for the Louisville-based pharmaceutical company.
According to a Regulation D filing with the Securities and Exchange Commission submitted earlier this week, 190 investors have taken part in the offering that began Jan. 31. The filing said $22.1 million remains to be raised.
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AntriaBio, led by co-founder, chairman and chief executive Nevan Charles Elam, develops extended-release therapies to treat diseases that have a need for longer-acting drugs.
Its lead diabetes product candidate, AB101, is a once-a-week injectable basal insulin that is currently in preclinical development. AB101 would be administered by injection through the skin, and it is intended for use in patients with type 1 and type 2 diabetes who require basal insulin for the control of high sugar levels in their blood. The drug targets an $11 billion market where the current standard of care is a once-daily basal insulin injection.
Last September, AntriaBio announced it was forming a wholly owned subsidiary in Seoul, South Korea, to focus on research and development as well as potential manufacturing opportunities.
The company began operations at 1450 Infinite Drive in early 2014 in hopes of resurrecting AB101, which originally was being developed by shuttered Fort Collins-based company PR Pharmaceuticals Inc. AntriaBio bought that company’s intellectual property and assets in 2013 after PR Pharmaceuticals filed for Chapter 11 bankruptcy in 2008 and eventually went out of business.
AntriaBio’s stock was trading a $1 per share mid-day Wednesday.