A Conover, North Carolina-based company raised $2.1 million in a private stock offering, according to a filing with the Securities and Exchange Commission.

Textile-Based Delivery Inc., previously known as Textile-Based Delivery Merger Inc., filed the Form D on Sept. 28. It did not disclose what it intends to do with the proceeds. Sixteen investors participated in the offering.

The company hopes to raise $1.4 million more for a total of $3,549,496.

Textile-Based Delivery, founded in 2012, develops and manufactures fabrics that integrate controlled release matrices, which offers topical and transdermal dosing of active ingredients.

Companies similar to Textile-Based Delivery, which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead must file a Form D electronically with the SEC after they sell their securities.

The form can be found here.