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news.IntelGenx Technologies, a drug delivery company, has closed a private placement of four million units at a price of $0.70 per unit for gross proceeds of $2.8 million.
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Each unit consists of a common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of $1.02 for a period ending 24 months after today.
The proceeds of the private placement will be used to support the company’s strategic development projects and for working capital.
Horst Zerbe, president and CEO of IntelGenx, said: “Securing this funding is an important element of our continued efforts to enhance our key strategic development programs. We are confident that this financing will provide the necessary resources for these efforts.”