Medicus Pharma Plans Private Placement for Clinical Development Acceleration
Vancouver, Canada
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May 07, 2024 12:06 PM Eastern Daylight Time
Dr. Raza Bokhari, Executive Chairman and CEO of Medicus Pharma joined Steve Darling from Proactive to shared insights with Proactive regarding the company's strategic initiatives, particularly its plans for a private placement of 100% unsecured convertible notes due in 2025. This move signifies a pivotal step in advancing the company's clinical development programs for novel and disruptive therapeutic assets.
The private placement commenced with the first closing on May 1, involving the issuance of approximately US$5,172,500 aggregate principal amount of notes. Additionally, Medicus Pharma retains the option to issue additional notes, with the potential to reach up to US$10 million aggregate principal amount post-completion.
Bokhari emphasized the company's unwavering focus on accelerating clinical development programs, underscoring the significance of the proceeds from the private placement. These funds will be allocated towards research and development initiatives, as well as fulfilling working capital needs crucial for advancing Medicus Pharma's therapeutic pipeline.
One of the notable endeavors within the company's portfolio is SkinJect, a pioneering non-invasive treatment for basal cell skin cancer. Leveraging patented dissolvable microneedle patch technology, SkinJect aims to deliver chemotherapeutic agents effectively to eradicate tumor cells. By commercializing this innovative solution, Medicus Pharma seeks to address critical unmet medical needs and enhance patient outcomes in the realm of dermatological oncology.
Through strategic financing and focused allocation of resources, Medicus Pharma is poised to bolster its clinical development efforts, bringing transformative therapeutic solutions to the forefront of patient care and medical innovation.
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Proactive North America
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