Crescita Therapeutics Inc. said it plans to conduct a rights offering to raise gross proceeds of up to C$3.7 million.
Eligible shareholders will receive one right for each common share held, with two rights entitling the holder to acquire 1 common share of Crescita at a subscription price of 53 Canadian cents.
Certain significant shareholders including Knight Therapeutics Inc. and funds advised by Bloom Burton & Co., directors and company management have committed to invest about C$2 million under the offering.
The Canadian dermatology company said it will use the proceeds from the offering for additional working capital and to finance potential business development initiatives.
Crescita is seeking to in-license or acquire commercial or late-stage over-the-counter or prescription assets for skin conditions in either the aesthetic or dermatological market.
