Kneat.com Inc. closed its nonbrokered private placement of 5 million common shares at 60 Canadian cents apiece with gross proceeds of C$3 million.

The common shares issued in the placement are subject to a four-month hold period that will expire Oct. 1. The company's directors subscribed for 1,175,066 shares in the offering.

Kneat.com plans to use the proceeds to accelerate development of the Kneat Gx platform, increase awareness of the platform for multiple applications across several life sciences industries and enhance the team needed to support customers.