HLS Therapeutics Inc. closed its bought deal offering of 3,126,563 common shares priced at C$16 each, including the exercise in full of the underwriters' overallotment option.

Gross proceeds from the offering are about C$50 million. Net proceeds will be used for business development purposes, including acquisitions of companies and products.

Part of the proceeds will also be used to expand the company's pipeline and fund general corporate purposes and working capital.

The common shares were sold under an underwriting deal between HLS and a syndicate of underwriters co-led by GMP Securities LP and Bloom Burton Securities Inc. and including Clarus Securities Inc. and PI Financial Corp.

Toronto-based HLS Therapeutics sells pharmaceutical products in the specialty central nervous system and cardiovascular markets.