RESEARCH TRIANGLE PARK – NIRvana Sciences, which develops synthetic bacteriochlorins and chlorins, has raised $867,000 from eight investors, according to an SEC filing signed this week by Russell Thomas, the CEO for the company, which is officially Nirvana Sciences, Inc.
Proceeds from the equity round will be used for operating expenses, according to the filing, and the company could raise an additional $133,000 more in this offering.
The company was awarded a $3 million Phase IIb SBIR grant from the National Institute of Allergy and Infectious Diseases (NIAID) at the National Institutes of Health (NIH) in April 2019, which WRAL TechWire covered at the time.
Nirvana Sciences, which is a North Carolina State University (NCSU) spin-out, raised $785,000 in 2018 after a Series A of $1.5 million according to reporting from the North Carolina Business News Wire, and among the company’s investors is the Charlotte Angel Fund.
The company uses research licensed from NCSU, and received a $50,000 company inception loan from the North Carolina Biotechnology Center in 2014. In 2015, NCBiotech awarded Nirvana a $250,000 Small Business Research Loan.
