HAP Innovations, LLC, a North Carolina-based company, sold $700,000 in a private stock and debt offering, according to a Securities and Exchange Commission filing.
The company filed the Form D on Sept. 18 and it did not disclose what it intended to do with the funds.
The money was raised from seven investors and included equity and debt. It is seeking to raise an additional $5.3 million.
HAP Innovations is a consumer health technology company that makes it easier for patients, family caregivers, pharmacists and other healthcare providers to provide expert care. The main product of the company is ‘a spencer.’
A spencer is a device that can confirm a correct prescription, dispense medication at the right time and record medication history in a secure virtual database. The spencer assist app connects patients, pharmacists, caregivers and other physicians to the data that is being recorded by the spencer.
Thomas Rhoads is the chief executive officer of HAP Innovations. He previously was chief executive officer of Parata Systems in Durham for 11 years. Before that, he was a project director in manufacturing for Cardinal Health Corp.
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.
The form can be found here.