According to the deal, investors paid $1.00 per share of common stock.
The Louisville, Colo.-based company said it plans to use the proceeds for general corporate purposes, including the Phase I study of its injectable, once-weekly basal insulin. AntriaBio added that the funds are slated to support pipeline candidates for patients with Type I and Type II diabetes.
In June, the company filed an investigational new drug application with the FDA for AB101. AntriaBio said the IND became effective without hold on July 1 and it expects to dose the 1st patient with AB101 before the end of the month.
Preclinical studies of AB101 have shown comparable activity to regular human insulin. The company said it has not seen acute or delayed sudden increases of insulin in its preclinical work.
The company’s studies also suggest that an ultra long-lasting insulin may stabilize endogenous insulin-glucose homeostasis and lessen fluctuations in blood sugar levels, AntriaBio reported.