Triangle Business Journal01.18.16
A Durham, N.C.-based startup named Akros Medical has raised $610,000 from private investors. The company is developing a medical device for orthopedic surgery.
CEO Charles Horell reported that the total amount raised is higher than the amount listed in a regulatory filing. Horrell says the difference comes from a final investor who came in late and was not included in the filing. He adds that the $1.4 million fundraising goal listed in the filing is higher than the company’s actual goal.
“We authorized that many shares in case we had a compelling reason to change our business plan and need more capital,” Horrell said. “Our goal was [$500,000] and we didn’t close the round until we had surpassed that.”
Akros now has nine total investors.
In the summer of last year, it received a $75,000 small business research loan from the N.C. Biotechnology Center, a group that receives state tax money to invest in small North Carolina life sciences companies to help boost the economy.
CEO Charles Horell reported that the total amount raised is higher than the amount listed in a regulatory filing. Horrell says the difference comes from a final investor who came in late and was not included in the filing. He adds that the $1.4 million fundraising goal listed in the filing is higher than the company’s actual goal.
“We authorized that many shares in case we had a compelling reason to change our business plan and need more capital,” Horrell said. “Our goal was [$500,000] and we didn’t close the round until we had surpassed that.”
Akros now has nine total investors.
In the summer of last year, it received a $75,000 small business research loan from the N.C. Biotechnology Center, a group that receives state tax money to invest in small North Carolina life sciences companies to help boost the economy.