Theralase raises $1.3M in private placement for cancer study

Theralase Technologies Inc. (TSXV: TLT) (OTCQB: TLTFF) closed a non-brokered private placement raising approximately $1.33 million, the clinical-stage pharmaceutical company announced.

The company issued 7,850,882 units at $0.17 per unit. Each unit consists of one common share and one warrant allowing the purchase of an additional share at $0.21 within five years.

Theralase plans to use proceeds to advance its Phase II non-muscle invasive bladder cancer clinical study, along with working capital and general corporate purposes.

The company paid $31,658 in finder's fees, with $15,470 in cash and $16,188 through 95,221 common shares. An additional 186,221 non-transferable finder warrants were issued, exercisable at $0.21 per share for five years.

All securities are subject to a four-month hold period under Canadian securities laws, expiring April 24, 2026. The offering requires final acceptance from the TSX Venture Exchange.

Theralase develops light, radiation, sound and drug-activated therapeutics for treating cancer, bacteria and viruses. The Toronto-based company focuses on small molecule compounds designed to destroy diseased cells while minimizing impact on healthy tissue.

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