Theralase Technologies Inc. (TSXV:TLT)(OTCQB:TLTFF) has announced the successful closing of a non-brokered private placement, securing approximately $CAN 666,400. The funds are earmarked to propel the Phase II clinical study of its lead compound in Non-Muscle Invasive Bladder Cancer (NMIBC), alongside preclinical R&D efforts for Rutherrin® and general corporate activities. This financial injection aims to bolster Theralase's mission to develop light, radiation, sound, and/or drug-activated small molecules for cancer, bacterial, and viral destruction.
Funding Details
The offering involved the issuance of 2,221,334 units at a price of $CAN 0.30 per unit. Each unit comprises one common share of Theralase and one common share purchase warrant. The warrant allows the holder to acquire an additional common share at an exercise price of $CAN 0.45 per share within a 5-year period from the issuance date.
Clinical Focus: NMIBC
NMIBC represents a significant portion of bladder cancer diagnoses. Theralase's Phase II study is evaluating the efficacy of its lead compound in this indication. The current standard of care often involves invasive procedures and has limitations in long-term recurrence rates, creating an unmet need for more effective and less invasive treatments. The company believes that its technology has the potential to offer a more targeted and safer approach to treating NMIBC.
Rutherrin® Development
In addition to the NMIBC clinical trial, a portion of the raised capital will be allocated to the preclinical research and development of Rutherrin®. Rutherrin® represents Theralase's broader commitment to developing small molecule compounds activated by light, radiation, or sound to combat various cancers, bacteria, and viruses. The company has not disclosed further details on the specifics of Rutherrin's mechanism of action or target indications at this time.
About Theralase Technologies Inc.
Theralase® is a clinical-stage pharmaceutical company dedicated to the research and development of light, radiation, sound and/or drug-activated small molecule compounds, their associated drug formulations and the light systems that activate them, with a primary objective of efficacy and a secondary objective of safety in the destruction of various cancers, bacteria, and viruses.
