Advanced Inhalation Therapies closed a $10.2 million offering yesterday. According to regulatory filings, 39 investors contributed to the offering, which made its 1st sale on Jan. 13.
The Israel-based company is developing a drug delivery device to treat severe respiratory infections and lung diseases using a high dose of nitric oxide.
The company plans to use $604,000 from the offering to compensate Ladenburg Thalmann & Co. Inc. for sales and $150,000 for executive officers, directors or promoters.
AIT has not made a formal statement about the offering.
The company is developing NOxSysBS, a system designed to deliver a gaseous, high-dose blend of nitric oxide, oxygen and air. The FDA has approved a 20 ppm nitric oxide vasodilation treatment, which AIT claims is not effective for treating microbial infections.
AIT’s NOxSysBS device delivers 160 ppm of nitric oxide, according to the company. The human body naturally produces nitric oxide on its own to fight infections.
The company, founded in 2011, pinpointed its initial targets as a pair of lower respiratory tract infections, children with bronchitis and lung infections in patients with cystic fibrosis.
In January last year, AIT scaled back its pending initial public offering by more than 2/3.
When it registered for the IPO in August 2015, AIT sent the high end of the offering at $36 million. Last year, the company said it plans to float 675,000 shares at $15 apiece, yielding gross proceeds of $10.1 million.
AIT plans to list on the NASDAQ exchange under the “AITP” symbol.
