Research Triangle Park biotech startup Boragen Inc., has raised more than $10.5 million in a private equity offering, according to a Securities and Exchange Commission filing.
President and CEO John Dombrosky filed the Form D on March 22. The filing did not disclose what the company intends to do with the proceeds.
Venture development organization AgTech Accelerator launched Boragen, its first biotech startup, March 2.
Boragen is working to produce next-generation fungicides that will mitigate pest resistance and allow for more sustainable farming methods. The company’s research and development will likely impact animal health, crop protection and pharmaceutical industries.
The investors participating in Boragen’s financing include AgTech Accelerator’s investment syndicate partners: Alexandria Venture Investments, ARCH Venture Partners, Bayer, the Bill & Melinda Gates Foundation, Elanco Animal Health, Flagship Pioneering, Hatteras Venture Partners, Mountain Group Capital, Pappas Capital and Syngenta Ventures.
“Boragen’s world-class science and research team is working to develop innovative technology that increases crop yield and allows for implementation of more sustainable farming methods,” said Joel S. Marcus, co-founder and chairman of AgTech Accelerator. “AgTech Accelerator’s unique model provides its emerging companies with the necessary resources to successfully develop technologies across the crop and animal health value chains, filling important innovation gaps in AgTech.”
Established in 2016 in Research Triangle Park, AgTech Accelerator is a startup accelerator vehicle focused on discovering and developing emerging agricultural technology companies. The company identifies, forms, finances and manages the most promising emerging agriculture companies to drive commercialization.
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 know as a Form D electronically with the SEC after they first sell their securities.
The form can be found here.
