Q BioMed Inc. closed its public offering of 1,711,875 units for gross proceeds of $5.5 million.
Each unit, priced $3.20 apiece, consists of one common share and one warrant.
New York-based Q BioMed plans to use the net proceeds from the offering to commercialize its skeletal pain drug strontium chloride 89, file an investigational new drug application for phase 2/3 trial of its autism drug and for continued research and development of its liver cancer and glaucoma drugs.
Roth Capital Partners acted as lead placement agent while CIM Securities acted as co-lead placement agent for the offering.
