Innovate Biopharmaceuticals is a Raleigh-based clinical-stage biotech focused on developing novel medicines for autoimmune and inflammatory diseases. Its pipeline includes drug candidates for celiac disease, NASH, Crohn’s disease, and ulcerative colitis. The company has stated a business goal of having the first-to-market treatment for celiac disease and creating long-term shareholder value. In February the company announced the departure of CEO Christopher Prior and the appointment of Sandeep Laumas as CEO. Innovate filed a Form D on March 15 disclosing a $5.5 million debt raise and said it intends to use some of the proceeds for salary payments. According to a filing, Atlas Sciences LLC can convert the debt into company stock at $3.25 per share. Innovate will report fourth-quarter financial results on March 18, and its stock recently closed at $2.14. Innovate Biopharmaceuticals is a clinical-stage biotechnology company focused on developing gastroenterology medicines for autoimmune and inflammatory diseases. Founded in 2014 and based in Raleigh, the company holds more than 150 patents worldwide. Its management is led by CEO Christopher Prior, who previously founded BioRexis Pharmaceuticals (acquired by Pfizer in 2007), founded Principia Pharmaceuticals, and served as a senior executive at Human Genome Sciences. According to an SEC filing, Innovate recently raised $1.45 million via options, debt and securities from three separate investors. The company raised an additional $1 million in May and previously raised $2.6 million from 19 investors in November 2016, and it is seeking to raise a further $550,000. More information about the company is available on its website. Innovate Biopharmaceuticals is a Raleigh-based biotech focused on developing novel gastroenterology medicines. Its pipeline includes drug candidates for celiac disease, an adult orphan indication, and ulcerative colitis. The company holds more than 150 patents worldwide. Christopher Prior is the company’s chief executive officer; he previously founded BioRexis Pharmaceuticals and Principia Pharmaceuticals and served as a senior executive at Human Genome Sciences. Financially, Innovate raised $1 million in a private offering that included options and warrants, with the proceeds coming from one investor. The company is seeking to raise an additional $4 million and previously raised $2.6 million from 19 investors in November 2016.

Total raised

$7M

Funding rounds

4

Latest round

Debt Financing

Latest activity

Mar 2019