Medicenna Therapeutics Corp. priced an offering of units to raise up to C$6 million.
The Toronto-based company plans to issue a minimum of 4 million units and a maximum of 6 million units at C$1 each.
Each unit is comprised of 1 common share and one half of a common share purchase warrant. Each whole warrant will be exercisable at C$1.20 per common share for a five-year period.
Net proceeds will be used to fund the phase 2b trials of Medicenna's 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.
Part of the proceeds will also be used for working capital and general corporate purposes.
Bloom Burton Securities Inc. is acting as the lead agent for the offering, while Mackie Research Capital Corp. and Richardson GMP Ltd. are acting as agents.
The offering is subject to closing conditions, including approval from the Toronto Stock Exchange.