DURHAM – Boragen, Inc., a molecule development company, has raised $2 million in equity, according to a recent Securities and Exchange Commission filing.
Fourteen investors contributed to the round, with the first date of sale recorded on Dec. 20.
The filing did not disclose what the company plans to do with the funding.
In 2015, a team of chemists — Dr. Stephen Benkovic, Dr. Lucy Shapiro, Dr. Paul Schimmel, Dr. Gerald Fink, and Dr. C. Tony Liu – founded the Durham-based company as a spinout of Pennsylvania State University.
The mission: to leverage the properties of boron, a naturally occurring chemical element, in a bid to combat the rise in global population and the decrease in farmable land.