Ottawa-based PharmaGap announced Thursday that it will sell a large number of equity units to raise cash for advancing its lead drug, PhG-alpha-1, towards clinical trial approval.
Under the terms of the agreement, Dundee Securities Corporation and Wellington West Capital Inc. will acquire between 6,666,667 and 20,000,000 equity units of PharmaGap for a price of between $1 million and $3 million.
Capital Street Group of Vancouver will be part of the deal as a special selling group member, receiving 10 per cent of the proceeds and broker warrants equal to 10 per cent of the units issued.
In mice tests, PhG-alpha-1 has reduced early-stage colon cancer tumour sizes by 34 per cent, and also made chemotherapy treatments more efficient in advanced colon cancer.
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