CytoDyn Inc., a U.S. developer of antibodies to treat HIV, raised about $1.1 million in gross proceeds through private placements of shares and warrants sold together at 50 cents per fixed combination.
Each fixed combination comprised 1 common share and 0.5 of a warrant.
A whole warrant entitles the holder to buy a common share for 75 cents and can be exercised for five years.
In total, Vancouver, Wash.-based CytoDyn sold 2,110,000 common shares along with warrants to buy 1,055,000 common shares.
CytoDyn has given the placement agent an option to purchase warrants for 181,000 common shares at terms similar to the offering.
This is the company's third such offering since September. CytoDyn raised $6.5 million and $1.4 million in the first two placements.