Vancouver's Allon Therapeutics Inc. (TSX:NPC) has raised $20 million to finance the company's various clinical and drug development programs.
The money was raised through a bought-deal public offering of more than 19 million common shares. A syndicate of GMP Securities LP, Canaccord Capital and Cormark Securities were the main underwriters for the deal and have the option of acquiring 2.8 million additional common shares. The over-allotment would give Allon $3 million in additional proceeds.
Allon is developing treatments for major neurodegenerative conditions, including Alzheimer's, stroke and schizophrenia-related conditions.
Allon's share price range during the past week: between $0.86 and $0.95; 52-week high: $1.63; 52-week low: $0.70.