Pharmaceutical firm in Louisville raises $13 million

LOUISVILLE — AntriaBio Inc. (OTC: ANTB) closed a $13 million private placement transaction and plans to dose its first patient this month.

The biopharmaceutical company specializes in drug therapies for patients with diabetes and metabolic diseases.

Under the terms of financing, investors are paying $1 per share of common stock. The amount raised includes investments from two South Korean pharmaceutical companies, Aju Pharma and Ildong Pharmaceutical Co., as well as South Korean investment fund, Medici Investment Co.

The proceeds of the private placement will go to corporate purposes regarding the Phase 1 clinical trial of AB101, an injectable once-weekly basal insulin. Funding will also go to emerging a pipeline of candidates for patients with type 1 and type 2 diabetes.

The investigational new drug application for AB101 became effective on July 1, and the company plans to have its first in-human clinical trial and dosing the first patient with AB101 before the end of July.