A Raleigh-based pharmaceutical company filed to raise $10 million in a private stock offering, with $2.6 million currently raised from 19 investors, according to a filing with the Securities and Exchange Commission.

Innovate Biopharmaceuticals Inc. filed the Form D on Nov. 9. It still needs to raise $7.35 million and did not disclose what it intends to do with the proceeds.

The offering is not expected to last more than one year, and according to the filing it is not being made in connection to a business combination transaction, such as a merger, acquisition or exchange offer. None of the gross proceeds will go towards payment for executive officers or directors.

Incorporated in 2014, the clinical stage biotechnology company focuses on developing novel gastroenterology medicines. It currently has three products under development.

The company has all global rights to its products, with more than 150 patents worldwide.

The filing can be found here.

Jay Madan, president of Innovate Biopharmaceuticals, signed the Form D.

Private companies such as Innovate Biopharmaceuticals relying on a Reg D exemption do not have to register their offering of securities with the SEC, but must file a Form D electronically with the SEC after they sell its securities.