Adherex Technologies, a developer of various oncology products, is in the process of raising as much as $9 million through private stock placements.
Adherex (Amex: ADH) is offering 32 million units of stock (1 full share, 0.30 of a second share) at a price of 28 cents. The exercise price on the stock will be 35 cents per share.
“The offering is expected to include investors from the US, Canada and Europe,” Adherex said in a statement. The company expects to close on the funding by July 15.
One requirement for closing is approval of a pending licensing agreement, Adherex added.
Money will be used to fund operations, research and development.
Adherex shares were selling at 32 cents, up a penny, in early trading Thursday.