MIV Therapeutics, a developer of drug coatings and drug delivery systems, has raised $12.55 million in a private placement of stock.

MIV (OTCBB: MIVT) sold 25.1 million units of stock at 50 cents per unit. Each unit includes one sharer of common stock and one half of one share purchase warrant at a price of 55 cents.

The transaction is expected to close on July 10.

Funds will be used for further development of drug-eluting stents as well as commercial activities and general corporate purchases, the company said