Rezolute Inc. closes $4.8M convertible note financing

LOUISVILLE — Rezolute Inc., a biopharmaceutical company specializing in drug therapies for orphan diseases, has raised $4.8 million in capital.

The Louisville-based company filed a Form D with the U.S. Securities and Exchange Commission on April 24. The filing pertains to the close of convertible note financing on April 3. The funds were raised with the support of BVF Partners, LP, which was the lead investor, according to a news release. Under the terms of financing, Rezolute issued 12 percent secured convertible promissory notes with 100 percent common stock warrant coverage.

Rezolute said in the statement it plans to use the net proceeds for general working capital.

Soon after the deal closed, on April 12, Rezolute announced it was laying off half of its staff.

Rezolute, formerly known as AntriaBio Inc., specializes in the development of drug therapies for orphan diseases, which are diseases with few pharmaceutical treatments.