By Jennifer Chiou
New York, July 12 - Isotechnika Inc. said it completed a C$20,025,000 in financing, selling 8.9 million common shares at C$2.25 apiece.
GMP Securities Ltd. led a syndicate of underwriters, including Canaccord Capital Corp., National Bank Financial Inc. and TD Securities Inc., which exercised a 1.9 million-share greenshoe.
Proceeds will go towards the company's Phase IIb kidney transplant trial, Phase III psoriasis trial and working capital purposes.
"These funds have enabled us to proceed aggressively with the Phase IIb kidney transplant trial. A contract research organization has been selected and clinical trial sites are currently being identified with patient enrolment expected to commence this fall," said founder Robert Foster in a news release.
Edmonton, Alta.-based Isotechnika Inc. is a biopharmaceutical company focused on the discovery and development of immunosuppressive therapeutics.
| Issuer: | Isotechnika Inc.
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| Issue: | Common stock
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| Amount: | C$20,025,000
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| Shares: | 8.9 million, including 1.9 million greenshoe
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| Price: | C$2.25
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| Underwriters: | GMP Securities Ltd. (lead), Canaccord Capital Corp., National Bank Financial Inc., TD Securities Inc.
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| Announcement date: | July 12
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| Stock price: | C$2.27 at close July 12
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