Bioasis Technologies Inc. issued a total of 4,588,978 units at 28 Canadian cents apiece in a previously announced private placement, raising C$1.3 million gross proceeds.

Each unit consisted of a common share and one share purchase warrant, with the warrants exercisable to buy an additional share at 60 Canadian cents apiece within a 48-month period after the offering's closing.

Net proceeds will be used to support ongoing research and development, clinical development, manufacturing and other activities, as well as for working capital and general corporate purposes.

Guilford, Conn.-based Bioasis develops products to diagnose and treat neurological diseases and disorders using its proprietary technology.