Toronto-based Intellipharmaceutics International Inc. is looking to raise $1.8 million via the sale of 3 million shares priced 60 cents each.
The offering, which is expected to close by March 21, will help the company raise funds for general corporate purposes. The shares will come with warrants to buy up to an additional 1.5 million stock, also at 60 cents each.
H.C. Wainwright & Co. is acting as exclusive placement agent for the offering.
Intellipharmaceutics develops drugs and drug delivery systems using its Hypermatrix technology. It recently raised $3.5 million via a separate offering to raise funds for the same purpose.