MultiCell, which develops therapeutics for the treatment of degenerative neurological diseases, metabolic and endocrinological disorders, and infectious diseases, raised $1.7 million in gross proceeds in a private placement of 17,000 shares of convertible preferred stock with 10.5 million warrants to purchase common stock.
The company plans to use the proceeds from this investment to fund R&D activities, including moving MCT 125 drug toward phase III clinical trials, and for working capital and general corporate purposes.
“We are extremely pleased and appreciative to have received such strong support from both existing and new investors,” commented Dr Stephen Chang, MultiCell’s CEO and president. “We are excited about our prospects for advancing development of our MS therapeutics program.”