ChitogenX Inc (CSE:CHGX, OTCQB:CHNXF) said it has closed its amended non-brokered private placement offering for gross proceeds of $3.86 million.
The company said the funds would be used to complete a strategic partnership agreement for leveraging its proprietary platform for regenerative medicine applications; complete enrollment for the rotator cuff tear repair US phase I/II clinical trial program; complete proof of concept work for meniscus repair; and leverage its partnership with Polytechnique Montreal and recent non-dilutive grants to drive proof of concept in additional high-potential indications.
"We appreciate the continued support from our existing investors and insiders and welcome new investors," said ChitogenX CEO Philippe Deschamps in a statement.
"We are excited by the prospects of our regenerative medicine development programs and are actively pursuing a strategic partnership to support the continued development and our ongoing rotator cuff tear repair phase I/II U.S clinical trial.
“We hope to capitalize on the market interest for novel regenerative medicine delivery scaffolds, as demonstrated by the many strategic transactions that took place over the last year.”
For the offering, the company issued 25,708,988 units at a price of $0.15 per unit.
Each unit comprised one class A share and one share purchase warrant, with each warrant entitling the holder to purchase a share of the company at $0.35 for a period of 36 months from the closing date, subject to adjustment in certain circumstances.
The placement included $1.8 million of insiders’ subscriptions and holders of debentures that matured on May 1, 2023, also opted to reinvest $2.1 million of principal and accrued interest into the placement.
ChitogenX is a clinical-stage regenerative medicine company dedicated to the development of novel therapeutic tissue repair technologies to improve tissue healing.
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