CytoDyn Inc. raised about C$1 million through a registered direct offering.

The Canadian developer of HIV treatments issued 1,970,000 shares at 50 Canadian cents each. Each stock will come bundled with a warrant to buy an additional stock for 75 cents apiece.

CytoDyn plans to use net proceeds, expected to be about C$900,000, on clinical trials for its lead product candidate and general corporate purposes.

Paulson Investment Co. LLC acted as placement agent for the offering.