Trimel Pharmaceuticals (TSX:TRL
), a Toronto-based developer of medications for male hypogonadism, female sexual dysfunction and various respiratory disorders, announced today that the company had closed a $10.5 million private placement of common shares.
According to the news release
, the private placement offering consisted of 14.83 million common shares sold in aggregate to First Generation Capital and West Face Long Term Opportunities Global Master for total gross proceeds of $10.54 million.
Company president and CEO, Tom Rossi, commented, “We would like to thank each of the subscribers for their continuing support.”
Then he concluded, “These funds will allow management to focus their efforts on achieving the key operational objectives and milestones of the company over the coming months.”
Trimel was in the news recently when the company announced the aforementioned private placement two days ago
Shares climbed 6.76% on the news to $0.79 per share.
Currently there are 148.3m outstanding shares with a market cap of $117.2 million.