Carrick Therapeutics recently raised $7 million (€6.2 million) from the issue of convertible term notes and is looking to close a Series C funding round with at least $20 million already committed by existing backers.
The Dublin-headquartered biopharmaceutical company founded by Elaine Sullivan reported a $16.74 million loss last year due to heavy expenditure on research and development activities. Net liabilities rose to $85 million from $61.6 million in 2019.
Directors of Carrick warned in newly filed company documents that the ability to close the Series C round is contingent on certain R&D milestones being met. Having raised the $7 million from the issue of convertible notes in August, the directors said they had a “reasonable expectation” the company would hit its targets and close the funding round before the end of 2021.
Ms Sullivan, who was named Emerging Entrepreneur of the Year at the EY awards in 2018, stepped down as chief executive the following year to be replaced by industry veteran Tim Pearson.
Carrick is focused on developing pioneering treatments to defeat many of the most aggressive and resistant cancers. The company raised $95 million from backers that include Arch Venture Partners in an initial funding round to coincide with its launch,
Schroder UK Public Private Trust, which was previously led by disgraced fund manager Neil Woodford, sold its stake in Carrick in April at a marked discount.
Ms Sullivan is now chief executive of Keltic Pharma and a non-executive director of a number of other companies, including Dublin-listed pharmaceutical services firm Open Orphan.
