AntriaBio ($ANTB), a biopharma focused on developing novel extended release therapies, has raised $12 million in a private placement deal.
The company said funds raised in the transaction will be used for general corporate purposes including preparation for Phase 1 clinical studies for AB101, its injectable once-weekly basal insulin for patients with type 1 and type 2 diabetes.
The funding round was led by pH Pharma, an affiliate of SBI Investment Korea, a venture capital firm that was spun out of SoftBank.
Since being founded in 2013, the Colorado-based AntriaBio has raised about $35 million through equity financings. In the most recent financing deal, accredited investors and institutions paid $1.10 for one share of common stock and received warrants exercisable for five years at $1.65 for one share of common stock.
"The additional capital provides us with resources to further our development of AB101, as well as to advance other potential long-acting product candidates in our pipeline,” said Nevan Elam, chairman and CEO of AntriaBio, said in a statement.
AntriaBio’ touts AB101 as an injectable once-weekly basal insulin for type 1 and type 2 diabetes in what it estimates to be an $11 billion market where the current standard of care is a once-daily basal insulin injection.
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