Imutec Corp. said it raised C$5.1 million (U.S.$4.03 million) ina Canadian offering of 1.9 million shares at C$3 (U.S.$2.37) pershare. First Marathon Securities Ltd. is acting as agent inconnection with the offering.
Net proceeds from the offering will supplement existingresources and will be used to expand and accelerate clinicaltrials at Canadian and international medical centers, to fundscientific development programs and to conduct furthertesting and clinical trials of products developed from thecompany's technology in the treatment of diseases, thecompany said.
Imutec, of Toronto, also said that the Toronto Stock Exchangehas conditionally approved the listing of the company'scommon shares, including common shares from the offering,subject to Imutec fulfilling all of the requirements of the TSE,including the completion of the offering. Imutec expects theoffering to close on Friday.
Imutec's stock (NASDAQ:IMTUF) closed Wednesday at $2.25 ashare, down 50 cents.
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