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Innovate using funds from $9.7M offering for study of autoimmune disorder drug

Innovate Biopharmaceuticals Inc. closed an equity financing with $9.7 million in gross proceeds.

The Raleigh, N.C.-based company planned to sell up to 4,291,845 common shares at $2.33 each and 4,291,845 12-month term warrants exercisable at $4 per share to SDS Capital Partners II LLC and certain other investors.

The company also previously said it would sell up to 2,575,107 five-year term warrants, which will be exercisable six months after issuance.

Innovate said it plans to use about $9.6 million in net proceeds to launch its first phase 3 trial for INN-202 as a treatment for celiac disease as well as for working capital and general corporate purposes. Celiac disease is a serious autoimmune disorder that can occur in genetically predisposed people where gluten intake leads to damage in the small intestine.

Innovate Biopharmaceuticals develops therapies for autoimmune and inflammatory diseases.