The company’s management team and board of directors subscribed for an aggregate of 1.36 million units in the offering.Each unit issued under the offering consisted of one share of common stock of the company and one common share purchase warrant entitling the holder to purchase one share of common stock of the company at an exercise price of $0.30 per share for a period of five years from the date of issue.
The proceeds of the offering will be used by the company for R&D of CTCE-9908, working capital, and general corporate purposes.