Medicenna Therapeutics Corp. raised about C$6.9 million in gross proceeds via a public offering to fund the development of its cancer drugs.

The Toronto-based company sold 5,307,693 units at C$1.30 apiece, inclusive of the 692,307 units the offering's underwriters acquired as part of their overallotment option.

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

Medicenna plans to use the proceeds to advance its cancer treatments MDNA55 and MDNA19. The company will also use part of the proceeds for working capital and general corporate purposes.