Aerpio raises $40M ahead of planned OTC listing

Aerpio Pharmaceuticals Inc. (Cincinnati, Ohio) raised $40 million in a private placement and completed a reverse merger. President and CEO Joseph Gardner told BioCentury the transactions are part of a stepwise process in which the company is seeking a public listing on an over-the-counter exchange.

In the placement, Aerpio sold 8 million shares at $5. New investors Montrose Capital Partners and Ally Bridge Group participated, as did existing investors Novartis Venture Fund, OrbiMed, Satter Investment Management, Kearny Venture Partners, Venture Investors and Triathlon Medical Ventures...