Grid Therapeutics, an emerging biotechnology company, has raised $4.5 million in private equity, according to a Securities and Exchange Commission filing.

The total offering amount of the sale was $5 million and the exact amount sold was $4,540,451. The total remaining to be sold is $459,549.

The proceeds will be used for working capital, which may include normal compensation to executive officers.

The date of the first sale was March 15, and 12 investors have invested in the offering.

Grid Therapeutics focuses research and development efforts in the area of cancer therapeutics, applying an innovative platform to develop human derived antibodies against novel targets.

Edward Patz Jr. is a co-founder and CEO of Grid Therapeutics. For 20 years he, has led a science laboratory at Duke University focused on lung cancer biology and early cancer detection.

He previously served on the faculty at Brigham and Women’s Hospital, Harvard Medical School, and the Dana-Farber Cancer Institute.

GT103, the company’s lead asset, is expected to enter a first-in-man Phase 1 clinical trial in advanced-stage solid tumor patients in early 2019.

Grid Therapeutics was founded in 2014.

Companies relying on a Reg D exemption do not have to register their offerings of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.