Change: offered +525% / raised +50% / placed 24%
Orca Pharmaceuticals re-opened and upped its equity financing to $5 million from $800,000 after selling additional securities. Prior investors ponied up an additional $400,000. They had previously subscribed to $800,000 in securities according to another filing disclosed six months ago. So far, eight backers committed $1.2 million to Orca Pharmaceuticals’ offering. The offering is structured to close in almost six months at the latest. This is the first time the company is offering securities under regulation D of the Securities Act of 1933. The company is backed by BioMotiv, a Cleveland OH based therapeutics accelerator, and the New York University innovation Venture Fund.
The company is developing an oral drug to treat a range of autoimmune diseases primarily psoriasis but also ankylosing spondylitis (inflammatory arthritis that affects joints in the spine) and inflammatory bowel disease. The company is leveraging the discovery that the orphan nuclear receptor RORγt’s activity can be inhibited by small molecule compounds that could be developed into drugs.
The company, headquartered in Oxford UK, was registered in 2013. Orca Pharmaceuticals kept its revenues undisclosed. The board of directors includes Baiju Shah, David U’Prichard, Michael Hunter, Roy Pettipher and Thomas Facklam.
Status: Intermediary close
Company: Orca Pharmaceuticals
Amount offered: $5 million
Amount placed: $1.2 million
First sale: 08-15-2013
Data as of: 03-17-2014