Aerial Biopharma announced this week that it has now closed on $9.5 million of an expected $12 million in Series A financing.

The Morrisville company, which formed in January 2011, is conducting phase 2 clinical trials on its narcolepsy treatment and has licensed a molecule from UNC-Chapel Hill for its pain product.

The funding will allow the company to complete its phase 2 studies and fund manufacturing and early safety work on the pain drug.