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FORT COLLINS – Local biotech company St. Renatus LLC is seeking to raise $2 million more in equity funding as the company works toward commercialization of its nasal mist anesthetic.
The company has raised $65,000 in the offering so far, according to a document filed with the Securities and Exchange Commission this week.
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Vice President of Investor Relations Jill Shoemaker said St. Renatus, launched in 2008, has raised about $40 million to date. The new round comes about six months after St. Renatus completed a $5 million round to help cover costs of the company’s new drug application submission with the U.S. Food and Drug Administration
Shoemaker said the latest round will help cover some FDA costs but will also go toward expansion and manufacturing costs for the pre-revenue company. She said the 14-employee company is planning to add some employees, though the number is yet to be determined and depends on funding and development of St. Renatus’s drug over the next year.
St. Renatus has completed all Phase 3 clinical trials, and is in the process of preparing data analysis for submission to the FDA for use of the anesthetic on dental patients without needle injection.
Shoemaker said the plan is to submit the new drug application this winter.
“It looks promising,” Shoemaker said, noting that there are no guarantees. “We hope and are somewhat anticipating that we launch sometime the end of next year.”