Biotechnology company OncoTrap Inc. in Chapel Hill has raised $5 million, according to a filling Friday with the Securities and Exchange Commission.
The company was started by two UNC-Chapel Hill professors in 2016. The professors, Dr. Leaf Huang and Dr. Rihe Liu, have worked at the university for 12 years and 16 years respectively.
The money was raised in the form of equity. The offering is expected to last no more than a year and is not being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer.
Huang is focused on biomedical engineering and works in the Laboratory of Drug Targeting, currently focusing on the development of nonverbal vectors for gene therapy. He recently received the 2018 Journal of Drug Targeting Lifetime Achievement award for his contributions to drug delivery and targeting.
Liu has a background in polymer physics and biochemistry and completed his postdoctoral work at Massachusetts General Hospital and Harvard Medical School before joining the UNC-CH faculty. He is currently an associate professor in the Division of Chemical Biology and Medicinal Chemistry.
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.