RALEIGH – A local biotechnology company specializing in finding drugs to fight antibiotic resistant infections has raised $150,000 in private debt and options offering.
Arrevus raised the money from one investor — with $150,000 remaining to be sold, according to a filing with the Securities and Exchange Commission.
It is unclear how the firm plans to spend the money. Since 2017, the startup has raised a total of $1.45 million.
The startup’s founder and president, Carl Kraus, who signed the filing, was unavailable for comment.
The startup is developing an in vetro assay – an investigative procedure in laboratory medicine – to aid in the treatment of antibiotic-resistant infections.
According to Arrevus, there is an urgent need to provide effective treatment options for patients who are unable to mount a normal immune response to bacterial infections due to underlying diseases.
Those at high risk can suffer poor outcomes ranging from antibiotic switching to increased mortality.
For the past decade, Kraus has held scientific and management roles in the pharmaceutical industry, including i3Research, a subsidiary of United Health Group, where he served as senior director of infectious diseases.
Kraus also worked at PRA International, where he was the global scientific head for infectious diseases. He has most recently served for three years as the chief medical officer for Nanotherapeutics, a biodefense-oriented biotechnology company.
In 2015, he founded Arrevus and has since received numerous grants, including $50,000 from the One NC Small Business Program this past April.
The project is sponsored by the National Institutes of Health, Department of Health and Human Services.
24 emerging startups land $1.1M in NC grants to match federal awards
