Trocar Pharma · RadShield™ (YK-4-250)
The first therapy for the radiation injury that medicine has never been able to treat
- $2.5M bridge open now — rolling closings at least every 60 days
- FDA Pre-IND complete — Animal Rule pathway intended; FDA agreement not yet obtained
- Company-reported 88% animal survival at 14.3 Gy vs. 58% control in DoD/AFRRI-supported studies
- $4.5M+ in DoD/AFRRI preclinical funding already deployed
- Georgetown exclusive license No. 2022-0493 secured
- An oral GI-ARS candidate targeting a gap in national radiation preparedness
- Project BioShield established a funded federal procurement pathway in 2004 — purchases are not guaranteed
- $2.5M
- Bridge Open Now
- 88%
- Animal Survival @ 14.3 Gy
- $0
- Approved GI-ARS Rivals
- $36.65B
- 10-Yr Projected Revenue
Project BioShield · Federal procurement context
A national preparedness priority. A GI-ARS gap still to close.
Congress established Project BioShield in 2004, and President George W. Bush signed it into law on July 21. It created a funded federal pathway to develop and procure medical countermeasures against chemical, biological, radiological and nuclear threats for the Strategic National Stockpile.
The procurement infrastructure already exists. Trocar’s task is to develop a countermeasure that can earn its place in it.
RadShield™ is being developed as an oral candidate for GI-ARS prevention and post-exposure mitigation. Trocar reports 88% survival versus 58% in controls at 14.3 Gy in DoD/AFRRI-supported preclinical studies—a 30-percentage-point difference at a highly lethal experimental exposure.
Stockpile preparedness context; not a Trocar facility or product inventory.
- $290M
- Nplate stockpile purchase · 2022
- A real federal radiation-countermeasure purchase for blood-cell injury—not a GI-ARS therapy, RadShield award or valuation floor.
- 88%
- Company-reported animal survival
- At 14.3 Gy, versus 58% control. Human safety and efficacy remain unestablished.
HHS leads Strategic National Stockpile procurement through ASPR/BARDA; DoD has separate military preparedness responsibilities.
BARDA identified GI-ARS as an unmet need with no FDA-approved countermeasure in its 2024 Synedgen announcement.
The raise
$2.5M bridge open now
The current offering is for up to $2.5M of unsecured convertible promissory notes under Rule 506(c), with rolling closings no less frequently than every 60 days. The $40M Series A and expected later $50M financing are context only and are not offered here.
Tranche 1 · Open now
$2,500,000
Operating Bridge
Reopens and scales operations, rebuilds the full-time team, and completes the product-development and regulatory work required to enter the next financing from strength.
- Exemption
- Reg D Rule 506(c) · verified accredited investors
- Timing
- Rolling closings no less frequently than every 60 days
- Security
- Unsecured convertible note · 10% simple interest · 18 months
- Check size
- $25,000 minimum investment
Tranche 2 · Follow-on
$40,000,000
IND Enablement
A separate Series A financing described for planning context only. It is in progress, has not closed, and is not offered through the bridge investor binder.
- Exemption
- Reg D Rule 506(b) · accredited investors
- Timing
- Opens after bridge milestones are met
- Security
- Preferred equity
- Disclaimer
- This tranche is not being offered in the current bridge raise. It is shown for context and timeline only. The current raise is a 506(c) offering; follow-on tranches are separate 506(b) offerings and cannot be intermingled.
Tranche 3 · Follow-on
$50,000,000
Clinical & Procurement
An expected subsequent financing that has not been structured and has no commitment. It is not offered through the bridge investor binder.
- Exemption
- Reg D Rule 506(b) · accredited investors
- Timing
- Opens on IND clearance
- Security
- Preferred equity
- Disclaimer
- This tranche is not being offered in the current bridge raise. It is shown for context and timeline only. The current raise is a 506(c) offering; follow-on tranches are separate 506(b) offerings and cannot be intermingled.
The Bridge Investor Subscription Binder contains the controlling current offering terms. The follow-on financings require separate documentation and may change or not occur.
Offering Mechanics & Detail
How the $2.5M bridge works
The current Rule 506(c) offering is governed by the Tranche 1 Bridge Investor Subscription Binder. The notes carry a 20% conversion discount and no valuation cap; their ultimate value is not known until a Qualified Financing or other contractual event occurs.
- Instrument
- Unsecured convertible note
- Offering size
- Up to $2,500,000
- Minimum
- $25,000, subject to Company discretion
- Interest
- 10% per year · simple and non-compounding
- Maturity
- 18 months from each investor's funding date
- Qualified Financing
- Next equity financing raising at least $5,000,000
- Automatic conversion
- 80% of the Qualified Financing price · no valuation cap
- Maturity outcome
- Majority Holders choose cash repayment or one six-month extension, then cash repayment
- Change of Control
- Holder elects cash equal to 1.5× principal plus accrued interest or Common Stock conversion at 80% of the transaction price
- Investor protections
- Most-favored-nation protection and priority participation rights, as defined in the binder
Use of proceeds
40% · 30% · 15% · 15%
Science and product development · core team · regulatory work · legal, compliance, government engagement and working capital.
Direct issuer offering
Trocar is offering the notes directly through its officers and employees. No placement agent, finder or broker-dealer is engaged, and no transaction-based compensation is paid.
Government market context
Since 2004, Project BioShield has supported federal procurement of qualifying approved or approvable medical countermeasures. HHS/ASPR/BARDA leads Strategic National Stockpile purchasing; FDA approval alone does not trigger a RadShield purchase.
The binder controls if any website summary conflicts with it. The notes are speculative, illiquid securities and investors may lose their entire investment. Outstanding convertible instruments may dilute noteholders. Offered only to independently verified accredited investors.
Watch before you invest
Sixty years of searching. Zero approved treatments.
A short briefing on RadShield™, the GI-ARS survival gap, and why Trocar is positioned to fill it under the FDA Animal Rule.
Traction
Government-supported data, secured IP, and a defined regulatory strategy
In a category defined by decades of failed candidates, Trocar's progress is documented by federal research partners, an executed university license, and a completed Pre-IND meeting.
88%
Survival at a lethal dose
Company-reported 88% animal survival vs. 58% control at 14.3 Gy in DoD/AFRRI-supported GI-ARS studies—a 30-percentage-point difference. This is preclinical evidence, not demonstrated human efficacy.
$4.5M+
DoD / AFRRI funding
Preclinical efficacy data generated through DoD/AFRRI-supported work. Preclinical results are not predictive of human outcomes.
Pre-IND
FDA meeting completed
Trocar intends to pursue the Animal Rule pathway; FDA has not formally agreed that it applies to RadShield.
2
U.S. patents
Issued U.S. Patents Nos. 11,311,526 and 9,233,949 under the exclusive Georgetown license.
13+
Pipeline indications
Oncology support, hypertension, NASH, inflammatory disease, Alzheimer's and viral infection — $100B+ of added TAM.
NIH
Grant 1U01AI187033-01
Active award with a priority score of 30, alongside a Congressional letter of support from Rep. Steny Hoyer.
The science
Halting the cascade that makes radiation lethal
Above 6–7 Gy, death is driven by Gastrointestinal ARS: intestinal barrier breakdown, bacterial translocation, sepsis, and multi-organ failure. Legacy countermeasures address bone marrow injury only. RadShield targets the GI survival window directly.
01
Dual Mechanism of Action
Angiotensin receptor I blockade paired with targeted ROS quenching — the combination that separates RadShield from single-pathway candidates.
02
Stem Cell Regeneration
Activates intestinal crypt stem cell proliferation, accelerating repair of radiation-damaged epithelium.
03
Cytokine Suppression
Blocks the pro-inflammatory cascades (IL-1β, TNF-α, IL-6) that drive intestinal barrier failure.
04
Oxidative Stress Control
Antioxidant activity reduces reactive oxygen species across the GI mucosa after exposure.
Result: barrier integrity is preserved, bacterial translocation is prevented, and the lethal cascade is halted.
- Compound
- YK-4-250
- Patented DIM analog
- Route
- Oral
- Stockpile and field deployable
- Window
- 24 Hours
- Post-exposure administration
- Target
- GI-ARS
- 8–13 Gy lethal exposure band
- Toxicity
- No DLTs
- In pharmacology studies to date
- Pathway
- Animal Rule
- Intended pathway; FDA agreement pending
- Format
- Tablet / Suspension
- Administered by non-clinical personnel
- Pricing
- $3,500
- Mid-dose modeling assumption per course
- IP
- 2 U.S. Patents
- Exclusive global license from Georgetown
Market
10-Year Revenue Projection
Management's base-case model considers four potential markets: defense readiness, civilian preparedness, space exploration, and oncology supportive care. These are projections, not secured customers or guaranteed revenue.
Defense Readiness
Potential U.S. defense and biodefense demand for a deployable post-exposure countermeasure. No government contract, award or procurement commitment has been secured.
Civilian Preparedness
FEMA / DHS nuclear incident response stockpiling for 340M+ U.S. civilians, with SNS procurement eligibility.
Space Exploration
NASA and commercial astronaut health protocols for lunar, Mars and deep-space missions beyond low Earth orbit.
Oncology Support
GI protection adjunct across 650,000+ annual radiation therapy courses where GI injury limits therapeutic dosing.
10-Year Revenue Projection
$36.65B
Projected 10-year cumulative revenue (mid-dose base case, post-FDA approval)
Management's illustrative cumulative base-case estimate using the $3,500 mid-dose treatment-course assumption described in the investor binder. It is not a forecast or guarantee of results.
Why now
The buyer, the pathway, and the data all exist. The product has never existed — until now.
01
Government-supported development
$4.5M+ in DoD/AFRRI preclinical funding supported development and testing. No government contract, award or procurement commitment for RadShield has been secured.
02
A defined regulatory strategy
The FDA Pre-IND meeting is complete, and Trocar intends to pursue the Animal Rule. FDA has not formally agreed that this pathway applies to RadShield.
03
First-mover in an empty category
RadShield targets the GI-ARS treatment gap as an oral prevention and mitigation candidate. BARDA's 2024 GI-ARS announcement reports no approved countermeasure and supports another candidate, MIIST305; RadShield is not the only product in development.
04
A federal purchasing pathway established in 2004
Project BioShield created a funded pathway to procure national-security countermeasures. The $290M Nplate purchase in 2022 demonstrates real radiation-preparedness spending—not a guaranteed RadShield contract. See the sourced BioShield section above.
Roadmap
Target development milestones through 2027
The bridge is intended to restore and sustain operations while advancing product, CMC, preclinical and regulatory work. All timing is management's current estimate and remains subject to financing, study results and FDA review.
Q4 2026
GLP Toxicology & cGMP Initiated
- Repeat-dose toxicology in rat and mini-pig models
- API synthesis at commercial-intent scale
- Stand up BARDA BAA pursuit and government capture team
Q1 2027
CMC Package & IND Submission
- Formulation development completed; CMC package assembled
- Target FDA IND submission; the intended Animal Rule pathway remains subject to FDA agreement
- 30-day clearance target; Phase 1 and CMC run concurrent
Q2–Q3 2027
Phase 1 & Pivotal Animal Efficacy
- Human safety with surrogate efficacy endpoints
- Pivotal animal efficacy studies under the Animal Rule
- Strategic licensing discussions activated on filing
Q4 2027
Commercialization & Procurement
- NDA submission supported by AFRRI and animal efficacy data
- Government procurement negotiations under stockpile authority
- Pipeline expansion into the 13+ secondary indications
Use of proceeds — $2.5M bridge
Core Payroll & Benefits
$750K · 30%
Rebuild the full-time operating team
Product / CMC Completion
$750K · 30%
Technical work to complete the lead development milestone
Regulatory / Quality / Clinical Planning
$375K · 15%
Regulatory consultants, quality systems, protocol planning
Lab / Preclinical Studies
$250K · 10%
External research, testing and data package work
Legal / Financing / Compliance
$125K · 5%
Corporate, securities and offering compliance
Business Development / IR
$125K · 5%
Strategic partnerships and investor communications
Contingency / Working Capital
$125K · 5%
Timing buffer, vendor deposits, operational reserve
Team
The inventor, the oncology operator, and the process chemist who scaled Januvia
Trocar's leadership pairs the scientist who discovered YK-4-250 with executives who have run an NCI-designated cancer center, led cross-border investment banking, and taken an API from research to commercial manufacture.
Milton L. Brown, MD, PhD, FNAI
Co-Founder, Chairman & CEO
Discovered YK-4-250. MD (Virginia) and PhD in synthetic chemistry (UAB). Founding director of Georgetown's Drug Discovery Program; co-founder of Nasdaq-listed Shuttle Pharmaceuticals (SHPH).
Donald L. "Skip" Trump, MD, FACP
Clinical Development & Oncology
President of Roswell Park Comprehensive Cancer Center 2007–2014; now CEO of the Inova Schar Cancer Institute. Johns Hopkins-trained, nationally recognized in GU oncology.
Damian V. Dolland
Co-Founder
Former Executive Director, Investment Banking at Morgan Stanley and COO of its Inclusive Ventures Group; previously Head Managing Director, Sub-Sahara Investment Banking at JP Morgan India.
Joseph D. Armstrong III, PhD
CMC Advisor
Two decades in Merck Process Research. Led the team that developed the commercial API manufacturing process for Januvia (sitagliptin).
Melissa Brooks, CPA
Chief Financial Officer
25+ years in accounting and financial management, beginning at PricewaterhouseCoopers. Oversees financial operations, controls and compliance.
Joy Hinton, Esq.
Outside/Retained Counsel
Regulatory, securities and transactional counsel, working alongside Covington & Burling LLP and Akin Gump Strauss Hauer & Feld LLP.
Milton Brown Jr., MBA, MPS
Chief of Staff
MBA and MPS in Sports & Entertainment Management from Georgetown University; B.S. in Business Marketing from Oakwood University. Brings business development, partnership, marketing strategy and operations experience to support investor communications, strategic growth and day-to-day company operations.
Derrick L. Phelps
Executive Vice President, Corporate Development & Capital Markets
Leads capital strategy and institutional and government relationships at Trocar Pharma, directing the Company's financing programs and outreach across defense, biodefense-procurement, and institutional investor channels.
Investment terms
$2.5M bridge terms
The current bridge is offered under Rule 506(c) to independently verified accredited investors. Follow-on financings are described only for context and are not offered through the bridge binder.
- Issuer
- Trocar Pharma, Inc. (Delaware C-Corporation, qualified to do business in Maryland)
- Current Offering
- $2,500,000 operating bridge — open now
- Structure
- Reg D, Rule 506(c) — verified accredited investors only
- Security
- Unsecured convertible promissory note · 18-month maturity
- Note Rate
- 10% simple interest, non-compounding
- Minimum Investment
- $25,000 · larger allocations welcome
- Conversion
- 80% of the price in a Qualified Financing of at least $5M · no valuation cap
- Maturity Election
- Majority Holders choose cash repayment or one six-month extension, then cash repayment
- Change of Control
- Holder elects 1.5× principal plus accrued interest in cash or conversion at 80% of the transaction price
- Closing
- Rolling closings no less frequently than every 60 days
- Verification
- Third-party accreditation verification required under 506(c)
- Escrow
- Funds held in third-party escrow pending closing conditions
- Follow-On Context
- $40M Series A in progress but not closed; expected later $50M financing is unstructured and uncommitted. Neither is offered here.
Diligence
One investor package. Three supporting documents.
The confidential Bridge Investor Subscription Binder is the controlling package for the current offering. After executing the NDA, investors receive the binder together with the Bridge Investment Case, September Investor Update and RadShield White Paper.
Pitch deck · October 14, 2026
Trocar Pharma Bridge Pre-A Deck
NDA required · controlling package →
Tranche 1 Bridge Investor Subscription Binder
Complete terms, risk disclosures, use of proceeds, accreditation materials, subscription documents and note documents.
Supporting document · NDA required →
Bridge Investment Case
Supporting document · NDA required →
Investor Update — September 28, 2026
Supporting document · NDA required →
RadShield™ White Paper v2.0
FAQs
Frequently asked questions
1.What is a Regulation D Rule 506(c) private placement?
Rule 506(c) is an SEC exemption that lets a private company raise an unlimited amount from accredited investors and publicly advertise the offering. In exchange, the company must take reasonable steps to verify that every purchaser is accredited — self-certification alone is not sufficient.
2.Who can invest in this offering?
Only accredited investors, as defined in Rule 501(a). That generally means individual income above $200,000 (or $300,000 jointly) for the last two years, net worth above $1,000,000 excluding your primary residence, certain professional licenses, or qualifying entities. Verification is handled by an independent third party under Trocar's Accredited Investor Verification Policy.
3.How much can I invest?
The offering is for up to $2,500,000, with a $25,000 minimum investment unless the Company accepts a smaller amount in its discretion. Larger allocations are subject to availability and Company approval.
4.Why invest in a clinical-stage biodefense company?
Early-stage medical countermeasure companies can capture asymmetric upside when a government buyer, a defined regulatory pathway, and existing data all pre-exist the product. That upside comes with substantial risk: most clinical-stage assets never reach approval, and returns, if any, are realized over years rather than months.
5.What do I need to know about early-stage investing? Are these investments risky?
Yes — this is a high-risk investment. Preclinical results may not translate to humans, regulatory timelines can extend, government procurement is never guaranteed, and the securities are illiquid with no public market. You should be prepared to hold indefinitely and to lose your entire principal. Invest only what you can afford to lose, and review the offering documents in full.
6.When and how could I see a return on my investment?
There is no dividend and no fixed maturity of value. A return, if one occurs, would come from a liquidity event — an acquisition by a pharmaceutical or defense prime, a strategic licensing transaction, a government procurement contract that supports a valuation event, or an eventual public listing. Bridge securities are structured to convert into the next qualified financing.
7.Can I sell or transfer my securities? Is there a secondary market?
No. Securities sold under Rule 506(c) are restricted and cannot be freely resold. There is no secondary market for Trocar Pharma securities, and none is expected. Transfers require company consent and compliance with applicable securities laws.
8.Where can I find the official offering documents?
The confidential Tranche 1 Bridge Investor Subscription Binder is the controlling investor package. It and three supporting documents—the Bridge Investment Case, September Investor Update and RadShield White Paper—are released after you complete the access form and execute the NDA.
9.What fees do I pay as an investor?
Trocar charges investors no placement, platform, subscription or carry fees. You may incur third-party costs for accreditation verification or your own legal and tax advisors.
10.How do I actually complete an investment?
Reserve an allocation on this site, complete third-party accreditation verification, execute the subscription and pledge documents, and wire funds to the escrow instructions we send by email. Closings are on a rolling basis inside the 60-day bridge window.
11.Do I need my own advisors?
Yes, we recommend it. Nothing on this site is investment, legal, or tax advice. Please review the offering documents with your own counsel and tax advisor before subscribing.
Request access
The $2.5M bridge is open now
Offer materials are released under NDA to accredited investors and independent verification is required under Rule 506(c). The bridge offers up to $2.5M of unsecured notes with a $25,000 minimum and rolling closings no less frequently than every 60 days.
Or call 702-929-9226 · Rolling closings at least every 60 days