The firm issued over 1.71mln units consisting of one share and one warrant at US$3.20 per unit.
The cash means the firm can execute the following milestones:
The commercialisation of the group's licenced FDA approved drug, Strontium Chloride 89 (SR89) for the treatment of skeletal pain associated with metastatic cancers.
Initiating the planning and IND filing for a Phase 4 post-marketing study to expand the indication of the approved SR89, labelling it as chemotherapeutic (a cancer therapy) for skeletal metastases, significantly improving the revenue potential for the drug.
The filing of an IND for a pivotal phase ll/lll clinical program to test the efficacy of QBM-001, a pro-drug for the treatment of young children with a rare autistic spectrum disorder that severely inhibits their ability to communicate.
Continued R&D (research and development) on its novel chemotherapeutic drug for liver cancer.
"This capital sets up a catalyst-rich year for us. We look forward to a productive year ahead as we start to meet the milestones and goals we set ourselves from the founding of the company in 2015," said Denis Corin, the chief executive at Q BioMed.
Q BioMed shares shed 5.57% to US$3.73.