Marvel Biosciences closes $1.1M private placement to fund MB-204 trial
What's the deal? Marvel BiosciencesDealroom has a profile for this one. Try Dealroom → has closed a non-brokered private placement raising gross proceeds of US$1.17M (roughly $1.1 million). The Calgary-based, TSXV-listed biotech issued 10,654,298 units at US$0.11 each, each pairing a common share with a warrant.
The terms: Each warrant lets the holder buy an additional share at US$0.15 for one year, starting 61 days after closing. Marvel can accelerate the expiry if its shares trade at US$0.18 or higher for five consecutive days.
What's the money for? Net proceeds will cover a deposit for phase 1 clinical trials of Marvel's lead compound, MB-204, plus general administrative and working capital. The units were sold under Canada's listed issuer financing exemption, meaning they carry no hold period.
Who helped? Marvel paid US$56.6K in cash commissions and issued 494,737 finder's warrants. Raymond James, Canaccord GenuityDealroom has a profile for this one. Try Dealroom →, Research CapitalDealroom has a profile for this one. Try Dealroom →, Acumen Capital Finance PartnersDealroom has a profile for this one. Try Dealroom →, Hampton SecuritiesDealroom has a profile for this one. Try Dealroom →, and Leede FinancialDealroom has a profile for this one. Try Dealroom → acted as finders.
The signal: The raise sits near the bottom of comparable deals by size — in roughly the 19th percentile — a reminder of how small early-stage biotech financings on Canadian venture markets can be. For Marvel, the modest sum is enough to move MB-204 toward its first human trial.
Read more: wallstreet-online.de
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