Lattice Biologics (TSX-V: LBL) (OTCBB: BLVKF) announced an increase in the size of its non-brokered private placement, from $750,000 to $1.5M in response to high investor demand. As a result, the funding raise will be extended for an additional 30 day period. After the close of the private placement’s third tranche, Lattice issued 2,556,235 units (one unit is equivalent to one common share of capital stock and one-half of one common share purchase warrant) at $0.20CAN each, creating gross proceeds in the sum of $390,000USD.
After this latest closing, total investor funding is up to $690,000USD. Proceeds from the placement will be allocated toward general working capital and the continued development of its products, including AmnioVisc and the Schulman Cortical Bone Pin. Proceeds will also help support trials of the company’s personalized chemotherapy diagnostic service aimed at cancer patients.
Lattice is an emerging growth company with a focus in cellular therapies and tissue engineering, specializing in bone, skin and cartilage regeneration to improve surgical outcomes. AmnioVisc is described as an “all natural, amniotic fluid supplement for arthritic joints”, with a technology that allows for prolonged pain relief. Lattice is headquartered in Scottsdale, Arizona, with additional offices in Toronto, Canada.
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