Arch Biopartners Inc. said it raised C$1.3 million after selling 2.5 million of its shares at 50 Canadian cents apiece.
The Toronto-based drug developer intends to use a portion of the proceeds to fund a phase 1 inhalation safety trial for AB569, a medicine for treating drug-resistant bacterial infections in the lungs and urinary tract.
The remaining proceeds will be used to develop metablok, a drug candidate for inhibiting acute kidney injury, septic shock and cancer metastasis.
