Innovative California Biosciences International, Inc. was formed to focus on research, development and commercialization of technologies and products that overcome the blood-brain barrier challenge and effectively treat CNS diseases. It is currently engaged in the development of proprietary “SMART Molecules” (Specific Molecular Architecture for Recognition and Therapy) for the transport of therapeutic agents across the blood brain barrier. To date, our technology has been validated in animal models by noted scientists from UCSD and Center for Molecular Imaging Sherbrook (CMIS), Canada.
- Capital Raise: $5,500,000
- Structure: Equity
- Offering Price/Share: $3.75
- Shares Offered: 1,466,667
- Current Shares Out: 8,891,690
- Post Offering Valuation: $41,675,086
- Post Offering Shares Out: 10,338,357
Briefing
Our SMART Molecules are ready to be tested in human patients as PET/SPECT ligands for clinical diagnosis of Alzheimer’s disease and Parkinson’s disease by quantifying the protein aggregates in patient brains. However, we must first establish safety profile to submit an IND application to US FDA. These toxicological studies require large quantities of the SMART Molecules, which have to be generated by cloning procedures following GMP regulations. To meet its goals of filing and getting IND applications approved for human testing, we need to hire scientists and invest in scaling up the production of its patented SMART molecules.
We are raising up to $5.5 million to complete Phase 1 clinical trials. After Phase 1 clinical trials are complete, we anticipate that we will require an additional $20 million for Phase 2 clinical trials. We are currently in early stage discussions with potential licensors and strategic partners whose involvement could materially offset our capital requirements for Phase 2. However, we don’t anticipate visibility on these discussions to improve substantially until we have successfully completed Phase 1. We have raised $2.30 million to date, in addition to grants from the Michael J. Fox Foundation and the U.S. Dept. of Health and Human Services, and will be raising up to $5.5 million in this current round in the form of private equity through a Reg D 506(c) private placement memorandum.