Pascal Biosciences Inc. plans to sell up to 12.5 million units at 40 cents apiece in a nonbrokered private placement.

The Vancouver-based biotechnology company, which makes products to treat cancer and enhance the immune system, expects gross proceeds of up to $5 million.

Each unit comprises 1 common share and 1 common share purchase warrant. Each warrant will allow the holder to buy 1 additional common share at 60 cents per share for a period of 12 months from the date of closing.

Proceeds from the offering will be used as working capital.