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TORONTO, Oct. 03, 2022 (GLOBE NEWSWIRE) — Theralase® Technologies Inc. (“Theralase®“or the”Company”) (TSXV: TLT) (OTCQB: TLTFF), a clinical-stage pharmaceutical company focused on the research and development of light-activated photodynamic compounds (“PDC”) and their associated drug formulations, used to safely and effectively destroy various cancers, bacteria and viruses, is pleased to announce that it has initiated a C$2.5M non-brokered private placement financing (“Funding”).

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Under the terms of the financing, up to 10,000,000 units can be sold to accredited investors at a price of $0.25 per unit for total gross proceeds of up to C$2,500,000.

Each Unit will consist of one common share of the Company (“Ordinary share”) and one common stock purchase warrant (“To guarantee”). Each warrant will entitle its holder to acquire one additional common share at an exercise price of $0.35 per share for a period of 24 months following the closing date.

The Company intends to use the proceeds of the Financing for the following:

  • Good Laboratory Practices (“GLP”) toxicology study for the Rutherrin intravenous installation® intended for the treatment of non-small lung cancer (“NSCLC”) and Glio-Blastoma Multiforme (“WBG”), a rapidly growing and aggressive brain tumor.
  • Advancement of Stage II Non-Muscle Invasive Bladder Cancer (“NMIBC“) clinical study
  • Working capital and general corporate purpose

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In connection with the Financing, a finder’s fee of 6% (payable in cash or shares) and a finder’s mandate of 3% (strike price of $0.35 for a period of 24 months following the closing of the Financing) will be payable to eligible intermediaries.

Research Capital Corporation is acting as an intermediary in connection with the financing.

The closing of the financing is subject to the approval of the TSX Venture Exchange. The securities issued under the Financing are subject to a statutory hold period of four months.

Funding close is expected to occur on or about October 14, 2022.

The securities referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (“U.S. Securities Law“), or any applicable securities law of any state of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons (as such term is defined in Regulation S under U.S. securities law) or persons in the United States, unless registered under U.S. securities law and any other applicable U.S. securities law or if an exemption from this registration requirement is available.This press release does not constitute an offer to sell or a solicitation of an offer to buy and there will be no sale of the securities offered in any jurisdiction in which a such offer, solicitation or sale would be illegal, including the United States.

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About Theralase® Technologies Inc.
Theralase® is a clinical-stage pharmaceutical company dedicated to the research and development of light-activated compounds and their associated drug formulations with a primary objective of efficacy and a secondary objective of safety in the destruction of various cancers, bacteria and viruses.

Additional information is available at www.theralase.com and www.sedar.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

This press release contains “forward-looking statements” within the meaning of applicable Canadian securities laws. These statements include, but are not limited to, statements regarding the Company’s proposed development plans with respect to photodynamic compounds and their drug formulations. Forward-looking statements can be identified by the use of the words “mayshould“, “will be“, “anticipates“, “believes“, “plans“, “waits“, “estimate“, “Potential forand similar expressions, including statements related to the Company’s current expectations for the futurethe research, development and commercialization of the Company’s photodynamic compounds and their drug formulations, including preclinical research, clinical studies and regulatory approvals.

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These statements involve significant risks, uncertainties and assumptions; including, the Company’s ability to adequately fund and obtain necessary regulatory approvals to complete an NMIBC Phase II clinical study in a timely manner to implement its development plans. Other risks include: the Company’s ability to successfully commercialize its drug formulations, the ability to access sufficient capital to fund the Company’s operations, which may not be available or may not be available at commercially favorable conditions for the Company, the drug formulations may not be effective under the conditions tested in its clinical studies, the Company does not respect the terms of license agreements with third parties and therefore loses the right to use the property intellectual property in its business, the Company’s ability to protect its intellectual property, the timing and success of submissions, acceptances and approvals of regulatory filings, and the impacts of public health crises, such as the global COVID pandemic -19. Many of these factors which determine actual results are beyond the Company’s ability to control or predict.

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Readers should not place undue reliance on these forward-looking statements, which are not guarantees of future performance. There can be no assurance that forward-looking statements will be successfully materialized, as such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or future events to differ materially from the forward-looking statements.

Although the forward-looking statements contained in the press release are based on what management currently believes to be reasonable assumptions, the Company cannot assure potential investors that actual results, performance or achievements will be consistent with such forward-looking statements.

All forward-looking statements are made as of the date hereof and are subject to change. Except as required by law, the Company undertakes no obligation to update these statements.

For more information:
1.866.LE.LASE (843.5273)
416.699.LASE (5273)
www.theralase.com

Kristina Hachey, CPA
Financial director
[email protected]
416.699.LASE (5273) x 224

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