A Durham-based cardiac medical devices company raised $1 million from three investors, according to a filing with the Securities and Exchange Commission.
NeuroTronik Inc. filed the Form D on April 19. The company hopes to raise $2.7 million more, for a total offering of $3.7 million. The first sale occurred on April 7. The company does not expect the offering to last more than one year, and it is not being made in connection with a business combination transaction.
Founded in 2012, NeuroTronik is a subsidiary of NeuroTronik Ltd. of Dublin that develops medical devices for the treatment of acute heart failure syndrome. It has developed a cardiac autonomic nerve stimulation therapy, called CANS, that is delivered via a NeuroCatheter and NeuroModulator. CANS therapy increases cardio output without elevating heart rate.
On April 18, NeuroTronik Ltd and NeuroTronik Inc. announced closing on a $23.1 million Series B Preferred Stock Financing. The financing is intended to prepare its CANS therapy system for CE Mark approval, the regulatory permission to market the therapy in Europe.
In October 2016, the company raised $327,482 from two investors. Frederick McCoy, president of NeuroTronik, signed the Form D on April 18.
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 with the SEC after they first sell their securities.
