Hemostemix raises $480,000 in private placement at $0.12 per share

Hemostemix Inc. (TSXV: HEM) (OTCQB: HMTXF) (FSE: 2VF0) completed a non-brokered private placement raising CDN$480,000 through the issuance of 4 million common shares at $0.12 per share, according to a company statement.

The Calgary-based stem cell therapy company said proceeds will fund general working capital purposes, including regulatory, clinical and commercialization initiatives for ACP-01, its autologous angiogenic cell therapy platform.

All securities issued under the private placement are subject to a statutory hold period under applicable securities laws and TSX Venture Exchange policies. The placement requires final acceptance by the TSXV.

Hemostemix develops autologous stem cell treatments derived from patients' own blood for conditions including peripheral arterial disease, chronic limb threatening ischemia, angina and various forms of cardiomyopathy. The company has conducted seven clinical studies involving 318 subjects and published results in eleven peer-reviewed publications.

The company completed a Phase II clinical trial for chronic limb threatening ischemia with results published in the Journal of Biomedical Research & Environmental Science. The company reported that University of British Columbia and University of Toronto researchers presented data showing 0% mortality and wound healing in 83% of patients followed for up to 4.5 years, compared to a reported 50% five-year mortality rate in the chronic limb threatening ischemia patient population.

You May Also Be Interested In

• EagleOne Metals raises private placement ceiling to $225,199
• F4 Mobile MT Strengthens Geophysical Targeting at Wales Lake
• JPMorgan reduced lending to Jane Street over bond market competition - FT