Artelo Biosciences Inc. (NASDAQ: ARTL) completed a private placement raising approximately $11.0 million in gross proceeds, the company announced March 30.

The offering included 3,188,407 shares of common stock and warrants to purchase up to 6,376,814 additional shares at a combined price of $3.45 per share and accompanying warrant. H.C. Wainwright & Co. served as the exclusive placement agent.

The company plans to use net proceeds for working capital, general corporate purposes, and repaying certain bridge debt. If all warrants are exercised for cash, Artelo could receive an additional $20.4 million, though the company noted no assurance exists that warrants will be exercised.

The securities were sold under Section 4(a)(2) of the Securities Act of 1933 and Regulation D, meaning they were not registered with the Securities and Exchange Commission. The shares and underlying warrant shares cannot be offered or sold in the United States without registration or an applicable exemption.

Artelo Biosciences is a clinical-stage pharmaceutical company developing therapeutics that target lipid-signaling pathways for conditions including anorexia, cancer, anxiety, dermatologic conditions, pain, inflammation, and eye diseases.