InsPro Technologies Corporation (OTCPK:ITCC) announced that it has entered into a securities purchase agreement with existing investor The Co-Investment Fund II, L.P., a fund managed by Cross Atlantic Capital Partners LLC for a private placement of 1,000,000 series C convertible preferred shares at a purchase price of $2 per share for gross proceeds of up to $2,000,000 on April 20, 2017. The company issued securities pursuant to exemption provided under Regulation D. Each preferred share is convertible into 20 common shares of the company. The closing of transaction was subject to customary closing conditions. The company may sell up to 500,000 additional shares.