NeOnc Technologies (NTHI) said Friday it has struck a deal to sell up to about 2.2 million shares and five-year warrants to buy up to some 2.2 million shares at $7.20 per share and warrant to investors.

The warrants have an exercise price of $9.00 per share, it said.

The company said the private placement to raise up to about $16 million is led by a $10 million investment by Cinctive Capital Management, a multi-strategy investment firm.

NeOnc said it plans to use the net proceeds to repay debt and for working capital and corporate purposes.

Shares were up over 2% in recent trading.

Price: 8.95, Change: +0.20, Percent Change: +2.29