Theralase Technologies Inc. closed its non-brokered private placement of 5,104,000 units at 20 Canadian cents apiece with gross proceeds of about C$1 million.
Each unit comprises of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire an additional common share at an exercise price of 30 Canadian cents per share for a period of 24 months after the date of issuance.
In addition, 750,000 units representing gross proceeds of $150,000 were issued to certain insiders of the company.
Theralase intends to use the proceeds to advance its phase Ib non-muscle invasive bladder cancer clinical study, advancement of phase Ib new oncology indication clinical study and advancement of TLC-2500 therapeutic laser system. The proceeds will also be used for working capital and general corporate purposes.
Theralase is a clinical stage pharmaceutical company dedicated to the research and development of light activated Photo Dynamic Compounds and their associated drug formulations to safely and effectively destroy various cancers.
