01:12 PM EDT, 03/28/2024 (MT Newswires) -- NervGen Pharma Corp. ( NGENF ) said Thursday that it has raised gross proceeds of about C$23 million by completing its bought deal financing.

This includes the full exercise of the underwriters' over-allotment option.

Under the offering, the underwriters purchased, on a "bought deal" basis, and the company issued about 9.8 million units at C$2.35 per unit, including the full exercise of the underwriters' over-allotment option. Each unit was comprised of one common share and one-half of one common share purchase warrant.

Each warrant is exercisable to purchase one common share for 36 months following the closing of the offering at an exercise price of C$3 per warrant share.

The clinical stage biotech company plans to use the net proceeds for the ongoing Phase 1b/2a clinical trial for NVG-291 and the development and manufacturing activities for NVG-291, working capital, and general corporate purposes.

The company's stock was up 1.4% on last look on Thursday.

Price: 2.20, Change: +0.02, Percent Change: +0.92