Prevention Pharmaceuticals Inc. in New Haven sold $650,000 of a $2 million securities offering through a combination of debt, options and warrants, Mass High Tech reports, citing a filing with the U.S. Securities and Exchange Commission.
The company will use the money to build the company and expand the marketing of its first product, an over-the-counter (OTC) Omega-3 fatty acid nutraceutical called Omax, said Prevention Pharmaceuticals Chairman and Director Harry Penner Jr.
Penner said the company will continue raising money next quarter and aims this fall to introduce an over-the-counter zinc-salts heartburn gel cap, called Acid-Fix, that is based on technology out of Yale University.
Omax also was developed at Yale by psychiatrists who had sold just under $500,000 worth of product via the Web, but the money infusion at Prevention will help formalize and extend marketing of the product, Penner said.
