Procyon raises C$18.1M, plans acquisition

Cancer and infectious disease company Procyon (TSX:PBP) raised C$18.1 million ($15.6 million) in a private placement of 78.7 million units at C$0.23, which is a 38% discount to PBP's close of C$0.37 on Wednesday. Each unit consists of a share plus a five-year warrant exercisable at C$0.35. Placement agents were Dundee; Loewen, Ondaatje, McCutcheon; and Desjardins. PBP's PCK3145, a synthetic peptide analog of prostate secretory protein ( PSP94), is in Phase II testing to treat hormone-refractory prostate cancer (HRPC). ...