Theralase Secures $775,000 in Initial Non-Brokered Private Placement

Theralase® Technologies Inc. has successfully completed the initial phase of its Non-Brokered Private Placement (NBPP) offering. This milestone was achieved on July 8, 2024, in Toronto. The pharmaceutical company, which is focused on developing light and radiation-activated Photo Dynamic Compounds (PDCs) for combating cancer, bacteria, and viruses, raised gross proceeds of CAD 775,000 by issuing 3,522,729 units at a price of CAD 0.22 per unit.

Each unit comprises one common share and one common share purchase warrant. The warrants provide the holder with the opportunity to purchase an additional common share at an exercise price of CAD 0.30 per share over the next five years. The company intends to utilize the funds from this financing to support its ongoing Phase II clinical study targeting Non-Muscle Invasive Bladder Cancer (NMIBC), as well as preclinical research and development of Rutherrin®. The proceeds will also be used for general corporate purposes and to bolster working capital.

It's important to note that the securities issued in this offering are not registered under the United States Securities Act of 1933 or any state securities laws in the United States. As such, they cannot be offered or sold within the United States except in cases where an exemption from registration is available. This press release does not constitute an offer to sell or a solicitation to buy these securities in any jurisdiction where such an offer or sale would be unlawful, including the United States.

All securities issued through this offering will be subject to a hold period of four months and one day from the closing date, in accordance with Canadian securities laws. This hold period will expire on November 6, 2024. The offering is contingent upon receiving final acceptance from the TSX Venture Exchange.

Theralase® Technologies Inc. is a clinical-stage pharmaceutical company committed to the research and development of light-activated compounds and their drug formulations. The company also develops the light systems that activate these compounds. With a primary goal of efficacy, Theralase® aims to safely and effectively destroy a variety of cancers, bacteria, and viruses.

Further details about Theralase® Technologies Inc. are available on their site. The company’s commitment to advancing medical science through the development of innovative treatments continues to drive its research and development efforts. The successful closure of this first tranche of private placement funding marks a significant step forward in supporting their ongoing clinical and preclinical projects, particularly in the field of bladder cancer treatment.

The company is poised to continue its efforts in developing and commercializing its proprietary PDCs, which hold promise for significant advancements in cancer treatment. As Theralase® progresses through its clinical trials and development stages, the key focus remains on ensuring the safety and efficacy of its therapeutic solutions. The completion of this funding round underscores the confidence of the investors in Theralase®’s mission and its potential to make a meaningful impact in the field of oncology and beyond.

Conclusively, Theralase® Technologies Inc. is moving ahead with its ambitious plans, supported by the successful financial infusion from its recent private placement. This progress marks an essential chapter in the company’s journey towards advancing cancer treatment and improving patient outcomes through innovative light-activated therapies.