Theralase Technologies Inc. closed a private placement of stock and warrant units to raise about C$1.4 million in gross proceeds, which will be used to develop a bladder cancer treatment.

The Toronto-based healthcare company sold 4,095,157 units priced at 35 Canadian cents apiece in the offering. Theralase Technologies will use the proceeds from the sale to develop its bladder cancer therapy as well as for working capital and general corporate purposes.

Each unit in the offering is made up of 1 common share of Theralase Technologies and a warrant to purchase 1 common share for 50 cents each within 24 months.

Theralase Technologies develops laser technology platforms to destroy cancer cells and treat other diseases.