CTD Holdings Inc. closed a private placement of 3.1 million units to raise $2 million in gross proceeds.
The units were priced at 65 cents each and were made up of a common share and a warrant to buy additional stock of the company, also for 65 cents.
The company will use the proceeds to fund the development of its lead drug candidate Trappsol. Trappsol is being evaluated for the treatment of Niemann-Pick disease type C, a rare genetic disease that causes fatal neurologic, liver, lung and other organ dysfunction.
Alachua, Fla.-based CTD Holdings plans to present initial safety and efficacy data with regulators in early 2019.