Dimethaid closes C$9.3M rights offer
Canadian specialty pharmaceutical developer, Dimethaid Research hassuccessfully completed its previously-announced rights offering. Rights were exercised for a total of 4,632,296 common shares, providing Dimethaid with approximately C$9.3 million ($6.4 million) in gross proceeds.
As outlined in the rights offering circular dated March 18, Dimethaid intends to use proceeds from the offering for general corporate purposes, including the Canadian launch of Pennsaid (diclofenac), as well as for capital expenditure and development of new products based on the company's proprietary technology platforms.
Following the offering, Dimethaid now has 57,347,632 common shares outstanding.
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