A Raleigh, North Carolina-based company wants to raise $7 million in a private offering, according to a filing with the Securities and Exchange Commission on Tuesday.

Locus Biosciences Inc. has sold $350,000 of the debt securities, according to the SEC filing, which can be found here.

The first sale of securities was made on Dec. 1, according to the filing. The biotechnology company did not disclose what it intends to do with the sale proceeds.

Incorporated in 2015, Locus Biosciences operates in the health care industry focusing on biotechnology.

The company is currently developing technology for programmed cell death to kill target bacteria, according to the company website. This platform enables the development of therapeutics for disease areas ranging from resistant bacterial infections to the microbiome.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.