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Oncolytics raising $3.7M via sale of common shares to fund research

Oncolytics Biotech Inc. plans to raise $3.7 million in gross proceeds through an underwritten public offering of 4,619,773 common shares and warrants at a combined price of 81 cents apiece.

The warrants, which carry an exercise price of 90 cents each, will be issued separately and can be used to buy an additional 4,619,773 common shares. They will expire five years after issuance.

Calgary, Alberta-based Oncolytics gave the underwriter an option to buy up to an additional 692,965 common shares or warrants at the same price.

Net proceeds from the offering, which is expected to close by Aug. 16, will be used for research and working capital purposes, the cancer drug developer said.

Ladenburg Thalmann & Co. Inc. is acting as the sole book-running manager for the offering.