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CytoDyn attracts $2.3M investment

CytoDyn Inc. said it attracted an investment of about $2.3 million.

CytoDyn entered into an agreement to sell 4,640,000 shares of the company at 50 cents each, complete with warrants to buy up to an additional 4,640,000 stock for 75 cents apiece.

The proceeds will be used for clinical trials and general corporate purposes. The offering is expected to close by May 22 with Paulson Investment Co. LLC acting as the placement agent.

Vancouver, Wash.-based CytoDyn develops therapies for treating and preventing HIV infection.