Theralase Technologies Secures Funding for New Growth Phase

2 min read | September 25, 2024 12:53 PM EDT | By Team Kalkine Media

Theralase Technologies Secures Funding for New Growth Phase — Image source: Shutterstock

Private Placement and Use of Proceeds

Theralase has successfully raised $544,000 through a non-brokered private placement. The company issued 2.72 million units at a price of $0.20 per unit. Each unit includes one common share and one share purchase warrant, with the latter allowing holders to purchase additional shares at $0.30 for the next five years. These funds are earmarked to support several of the company’s key initiatives.

A primary focus of this funding is to advance Theralase’s ongoing Phase II clinical trial. The trial is investigating a treatment for non-muscle invasive bladder cancer, which remains a challenging condition with limited treatment options. In addition to this, the capital will be used for preclinical research on Rutherrin, a light-activated compound developed by Theralase, and for general corporate purposes.

Securities and Pending Approval

Theralase disclosed that the securities issued in this placement are subject to a hold period until January 25, 2024. While the private placement has been completed, it is still pending final approval from the TSX Venture Exchange. This standard process ensures that all regulatory requirements have been met.

Stock Options Granted

In addition to raising funds, Theralase granted stock options to its directors, officers, and employees. A total of 12.34 million stock options were issued, exercisable at $0.25 per share over a five-year period. These options serve as a mechanism to incentivize and reward the company’s leadership and team members for their contributions to advancing the company’s clinical and corporate goals.

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