Cardax Inc. is planning to sell up to $15 million of its common stock and warrants in a follow-on public offering.

The Honolulu-based biopharmaceutical company plans to use the net proceeds to develop its drug candidate CDX-101 through investigational new drug and phase 1 clinical testing.

Cardax is developing the therapy for cardiovascular inflammation and dyslipidemia — or an abnormal level of lipids in the blood — with an target initial indication of severe hypertriglyceridemia, or high levels of fatty molecules in the blood.

Proceeds will also be used to complete a trial involving its dietary supplement ZanthoSyn.

Meanwhile, the company said it is in the process of applying to list its common stock on the Nasdaq Capital Market.

Maxim Group LLC is acting as the sole book-running manager for the proposed offering on a "firm commitment" basis.