Theralase Technologies Inc (TSX-V:TLT, OTCQB:TLTFF) said it has raised C$775,000 from the first tranche of a non-brokered private placing.
The company plans to use the proceeds to continue the Phase II non-muscle invasive bladder cancer (NMIBC) clinical study currently underway, as well as for preclinical research and development of its Rutherrin drug formulation, working capital and general corporate purposes.
In the placement, Theralase issued 3,522,729 units at a price of $0.22 apiece, with each unit consisting of one share and one warrant entitling the holder to acquire an additional share at an exercise price of $0.30 per share for a period of five years following the date of issuance.
Preliminary data on the NMIBC Phase II trials was presented earlier this year, demonstrating what the company called a "significant clinical advantage" from the Theralase technology in the current treatment landscape and providing potential for a novel, effective and lasting treatment option for patients.
Last month, the company also reported results of separate pre-clinical research into a combination of its lead compound with a widely used treatment to make a much more effective therapy for NMIBC.