Q Biomed has raised a total of $1.5 million in equity, debt and options/warrants or other rights to acquire another security, according to two separate filings with the Securities & Exchange Commission.
The New York-based company filed both forms on Dec. 13. Q Biomed completed one $500,000 offering and sold $1 million of a $3 million offering, with $2 million remaining to be sold.
The completed notice’s first sale was made on Aug. 28, while the ongoing notice had its first sale made on Dec. 6. Q Biomed has no intention of either lasting longer than one year, according to the filings. Each offering had just one investor provide the funding raised so far.
Q Biomed is developing a pipeline of biomedical assets for multiple therapeutic areas, according to the company’s website. In November 2017, Q Biomed CEO Denis Corin told MassDevice that the company was setting out to source undervalued biotechnology assets and bring missing pieces and strategic resources to accelerate development.
One example of the company’s assets is the Sr-89 injection, offered as an affordable and effective alternative to opioids for patients with late-stage cancer. It is indicated as a pain reliever but the company believes there is an opportunity to push it forward as a therapeutic as well.