Medicenna Therapeutics Corp. has closed an offering of units to raise C$4 million in gross proceeds that will go toward a mid-stage study of the company's brain cancer therapy.

The Toronto-based company issued 4 million units at C$1 each. Each unit in the offering comprised of 1 common share and one half of a common share purchase warrant. Each whole warrant can be exercised at C$1.20 per common share for a five-year period.

Medicenna plans to use the proceeds from the offering to fund the phase 2b trials of its brain cancer therapy MDNA55 and the development of its IL-2 superkines, which are immunotherapies for treating cancer. Immunotherapies modify a patient's immune system to target cancers.

The company will also use part of the proceeds for working capital and general corporate purposes.

Bloom Burton Securities Inc. was the lead agent for the offering, while Mackie Research Capital Corp. and Richardson GMP Ltd. acted as agents.

Medicenna develops novel treatments based on its proprietary technology for a broad range of cancers.