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Bioasis seeking US$4M to advance cancer therapy

Bioasis Technologies Inc. said it was looking to raise US$4 million from an offering of company securities.

The Guilford, Conn.-based company plans to sell units of the company made up of a common share and a purchase warrant, at a combined price of 22.5 Canadian cents each.

The per-unit price represents a 20% discount to the volume weighted average price of the company's common shares on the TSXV over the 20 trading day period ending Sept. 20.

The financing will help Bioasis advance xB3-001 in treating HER2+ breast cancer and brain metastases.

Boustead Securities LLC is acting as the placement agent for U.S. investors participating in the offering, which is expected to close by Sept. 27.