Intellipharmaceutics International Inc. closed its registered direct offering of 3 million common shares priced at 60 cents apiece with gross proceeds of about $1.8 million.
The company also issued to the investors unregistered warrants to buy 1.5 million shares at an exercise price of 60 cents apiece.
Intellipharmaceutics raised about $1.5 million in net proceeds through this offering.
The company plans to use the net proceeds for general corporate purposes, which may include working capital, capital expenditures, research and development, accounts payable and other commercial expenditures.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
Intellipharmaceutics recently raised $3.5 million through a separate offering that closed March 16.
Toronto-based Intellipharmaceutics International is a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled- and targeted-release oral solid dosage drugs.