Medicus Pharma (TSX-V:MDCX) announced that it has completed the first closing of its private placement of 10% unsecured convertible notes due 2025.
The company said it issued US$5,172,500 aggregate principal amount of notes in the first closing.
It may issue additional notes in one or more closings, with up to US$10 million aggregate principal amount of notes to be issued and outstanding upon completion of the private placement.
Several directors and officers participated in the first closing of the private placement for US$700,000 aggregate principal amount of notes.
The proceeds of the fundraising will be used for the company’s research and development programs, to explore an initial public offering in the United States, for general corporate purposes.
Medicus Pharma (TSX-V:MDCX) is a biotech/life sciences company focused on accelerating the clinical development programs of novel and disruptive therapeutics assets.
Its wholly-owned subsidiary Skinject is focused on commercializing novel, non-invasive treatments for basal cell skin cancer using a patented dissolvable microneedle patch to deliver a chemotherapeutic agent to eradicate tumor cells.