A Raleigh-based pharmaceutical company raised $32.7 million in options, equity and securities, according to a filing Monday with the Securities and Exchange Commission.

IB Pharmaceuticals Inc., previously Innovate Biopharmaceuticals Inc., raised the money through 168 investors, according to the filing. It has sold over 90 percent of its $36.3 million offerings, with $3.6 million remaining to be sold.

The company did not say how the money would be used.

The clinical stage biotechnology company raised an additional $1.45 million in December and $1 million in May.

IB Pharmaceuticals, founded in 2014, focuses on developing gastroenterology medicines specifically for autoimmune and inflammatory diseases. It owns more than 150 patents worldwide.

CEO Christopher Prior founded and led BioRexis Pharmaceuticals, a biopharmaceutical company acquired by Pfizer Inc. in 2007. He also founded Principia Pharmaceuticals. Prior joined IB in 2015 as the chief executive officer.

Private companies such as IB Pharmaceuticals relying on a Reg D exemption do not have to register their offering of securities with the SEC, but must file a Form D electronically with the SEC after they sell its securities.

The company’s stock closed at $3.53 per share Monday, up 1 cent.