AntriaBio raises another $2 million for diabetes treatment

LOUISVILLE – Biopharmaceutical startup AntriaBio Inc. (OTCQB: ANTB) has raised an additional $2 million through a private placement offering to accredited investors, adding to the $7 million it raised earlier this year.

The funding comes as the company has been adding employees at its Louisville facility and gearing up to initiate Phase 1 clinical studies of AB101, AntriaBio’s once-a-week basal insulin for the treatment of Type-1 diabetes. AntriaBio vice president of corporate development Noopur Liffick said Wednesday that the company has 12 full-time staff now working in Louisville, where it has a 27,000-square-foot facility at 1450 Infinite Drive.

Liffick said the funding will go toward general corporate purposes, including production of AB101 and initiation of the clinical studies.

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AntriaBio set up shop in Louisville early last year in hopes of resurrecting AB101, which was originally being developed by shuttered Fort Collins-based company PR Pharmaceuticals Inc. AntriaBio purchased the intellectual property and assets of PR Pharmaceuticals in 2013 after that company filed for Chapter 11 bankruptcy in 2008 and eventually went out of business.

The $9 million raised by AntriaBio this year follows an $11 million private placement offering raised last year. AntriaBio’s latest share price was $1.70.