Q BioMed Inc. completed an equity financing of about $3.1 million with a group of accredited investors.

The biotech company sold 953,247 units to the investors, with each unit consisting of 1 common share priced at $3.20 and a five-year warrant to purchase 1 additional common share at $4.50.

The proceeds will be used for producing Strontium Chloride Sr-89, which is approved by the U.S. Food and Drug Administration as a generic painkiller for patients suffering from metastatic bone cancer, and for work on its investigational new drug application for QBM001, a treatment for young children suffering from a rare autistic spectrum disorder that causes them to lose the ability to speak.

Brookline Capital Markets, a division of CIM Securities LLC acted as the exclusive placement agent for the offering.