Profectus BioSciences Inc., a Baltimore-based biotechnology company, has completed an additional $3million private equity placement.
The private equity placement is the result of the sale of securities to private investors led by Cross Atlantic Capital Partners.
Under the financing terms, investors purchased shares of recently issued convertible Series A Preferred Stock from the company and exchanged previously issued convertible notes.
The company, which specializes in the development of preventative and therapeutic technologies to reduce the morbidity and mortality caused by viral diseases such as HIV, plans to use the proceeds to further its work on cell cycle agent technologies.
By moving forward with its work in this area, the company hopes to enhance the clinical efficacy of existing drugs and formulate new viral entry inhibitors.
Additionally, the company will use the funds to initiate the investigation of other enabling technologies that support the production of effective antiviral vaccines and therapeutics and to negotiate and generate revenue from various licensing agreements.
Since the company began operations in early 2005, it has licensed the intellectual property of its founding scientists at the Institute of Human Virology, part of the University of Maryland Biotechnology Institute and the University of Maryland, Baltimore.
Profectus also has entered into option agreements with two global pharmaceutical companies to further commercialize its intellectual property.
