About eight months after hiring a new CEO, a life sciences firm in Morrisville is working on a nearly $16 million raise.
Codetta Bio has so far raised about $2.26 million from four investors, according to a filing with the U.S. Securities and Exchange Commission. The total offering amount for the round is about $15.82 million, according to the filing, leaving securities of $13.55 million remaining to be sold.
The total offering includes the conversion of about $5.55 million of principal and interest on outstanding convertible notes. The company made its first sale of securities on May 21. Codetta, according to the filing, is raising funds through an equity offering.
The company declined to comment on this latest financing, which follows Codetta in April 2022 completing a $15 million series A funding round. Anzu Partners led that financing round, which also included participation from Genoa Ventures and VC23.
The company was founded in late 2021 based on technology developed by and licensed from UNC-Chapel Hill professor Michael Ramsey.
Codetta is developing biomarker measurement tools that assist researchers and clinicians. This includes tools that could help researchers better understand why therapeutics work well in one patient and not another or that could help in the development of diagnostics that enable more precise treatments for cancer patients.
In October, Jacques Corriveau joined Codetta as CEO to lead the company in its transition to a commercial organization. At the time, Corriveau said the the company was focused on initiating a technology access program that would allow Codetta to get its technology in the hands of certain researchers prior to a wider commercial launch.
Prior to joining Codetta, Corriveau was CEO of Massachusetts company Ultivue. His experience also includes time with NanoString Technologies, which he joined while it was a startup and helped support through an eventual IPO and commercial product launch.
