Biotech company AtheroNova Inc. (AHRO-OTC) this morning announced that it raised over $2.9 million in gross proceeds from a sale of its Common Stock. This funding represents a major milestone for the company, as it is expected to support both Phase I and Phase II clinical trials for AtheroNova's anti-atherosclerotic plaque compounds in development. AtheroNova's most advanced product candidate, AHRO-001, works to significantly reduce the incidence and severity of plaque deposits, which are known to be the main underlying cause of cardiovascular disease, including heart attack, stroke, and peripheral artery disease (PAD).
Today's raise generated net proceeds for the company of approximately $2 million, earmarked for working capital and continued product development. The private placement consisted of a sale of 5,850,000 units composed of one share of the company's common stock and a warrant to purchase 0.5 shares of common stock.
Between the cash from this raise and funding from Russian biotech venture capital firm, Maxwell Biotech Group's CardioNova Ltd. subsidiary, AtheroNova believes that it has sufficient capital to move AHRO-001 to the end of Phase II, while also developing additional intellectual property.
For more information on the AHRO-001 compound, AtheroNova's studies and FDA comments to date, as well as the company's relationship with Maxwell Biotech, please view our recent research on AtheroNova available here.