CytoDyn Inc. plans to raise approximately $1.2 million via the sale of 1,880,765 shares priced at 65 cents apiece.

The shares will come bundled with 0.5 of a purchase warrant. Each whole warrant will be exercisable for an additional stock in the company at 75 cents apiece.

The biotechnology company intends to use the net proceeds from the transactions to fund clinical trials for its lead product candidate and for general corporate purposes.