- Theralase Technologies is announcing a brokered financing raise for up to C$5.3 million
- Proceeds of the financing will be used to further the Phase II Non-Muscle Invasive Bladder Cancer (NMIBC) clinical study
- Ruvidar is designed to destroy solid core tumours, such as bladder, brain, lung and breast when absorbed by the cancer cell and then light activated
- Bladder cancer is the 10th most common cancer worldwide
- The clinical study is to help test those who are “BCG” unresponsive to bladder cancer treatment
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Clinical stage pharmaceutical company Theralase Technologies Inc. (TSXV:TLT) is announcing a brokered financing raise for up to C$5.3 million. The broker agreement is with Research Capital Corporation.
The company plans to use the proceeds of the financing to further the Phase II non-muscle invasive bladder cancer (NMIBC) clinical study, which is currently underway. If the maximum of the amount of the financing of C$5.3 million is subscribed to, it will additionally fund a good laboratory practices (GLP) toxicology study for the intravenous installation of Rutherrin (Ruvidar + transferrin) intended for the treatment of glio blastoma multiforme (GBM).
Ruvidar is designed to destroy solid core tumours, such as bladder, brain, lung and breast when absorbed by the cancer cell and then light activated.
The clinical study is looking to enroll 100 patients and to date has treated 63. CEO and President Roger Dumoulin-White points out that, “The interim clinical data has been amazing, both from a safety and an efficacy point of view.” He went on to add, “It’s been stronger than two immunotherapy drugs brought to market by large pharma.”
Bladder cancer is the 10th most common cancer worldwide and internationally. More than half a million new cases of bladder cancer occur annually, according to the World Cancer Research Fund.
“Half of Canadians will contract cancer during their lifetime. A quarter will die from it,” Dumoulin-White said.
The current standard of care of NMIBC is intravesical bacillus Calmette Guérin (BCG). Dumoulin-White said BCG doesn’t work for everybody.
“Patients fail the treatment, the standard of care. So you have these patients which are BCG unresponsive, and they don’t have a lot of treatment options, and that’s what Theralase is looking to bring to market for these patients who are suffering from this deadly disease,” Dumoulin-White said.
Over the next six months the company is working on a pre-breakthrough designation approval for the FDA and will focus on enrolling and treating and additional 37 patients in the clinical study.
The company has 28 issued patents and 17 patents pending for PDC and laser technology in the United States, Canada and internationally.
Theralase is dedicated to the research and development of light and/or radiation activated Photo Dynamic Compounds (PDCs) for the safe and effective destruction of various cancers, bacteria and viruses.
For more information on Theralase, check out www.theralase.com.
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