04:10 PM EDT, 03/21/2024 (MT Newswires) -- NervGen Pharma ( NGENF ) on Thursday said it is raising it is raising C$20.1 million in a bought-deal offering of share units.

The biotech company said it is selling an underwriting syndicate 8.52-million units priced at C$2.35 and made up of a share and a three-year warrant to buy a second share for C$3.00. It is also granting underwriters a 15% over-allotment option.

NervGen, which is developing treatments "that enable the nervous system to repair itself following damage, whether due to injury or disease" said it will use the money to fund growth and for working capital.

The company's shares closed down C$0.06 to C$2.49 on the TSX Venture Exchange.