Ocumetics Targets $4M for Clinical Trials and R&D

Ocumetics Technology Corp (TSE:OTC) has released an update.

Ocumetics Technology Corp. has announced a private placement of secured convertible debentures to raise up to $4 million. These funds are earmarked to support the company’s first in-human clinical trials and ongoing R&D, with an 18% annual interest rate and a two-year maturity. The debentures, convertible into common shares, will finance critical trials in the Dominican Republic, as per President and CEO Dean Burns.

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