An Ottawa-based bioscience company working to develop pharmaceuticals derived from cannabis says it’s closed a multimillion-dollar funding round to help advance its clinical testing of a drug to treat chronic pain.
Tetra Bio-Pharma, which is developing cannabinoid-based treatments for chronic pain related to cancer, says it’s closed a public offering of 35,191,000 units at a price of 26 cents each, for aggregate gross proceeds of $9,149,660.
The funds will be used to advance the company’s work on QIXLEEF, a therapy to treat uncontrolled pain in advanced cancer patients that’s in the late-phase drug development stage.
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For Ginger Bertrand, some of her earliest childhood memories in Ottawa are centred around healthcare. “I grew up across the street from what was originally the General Hospital,” she explains,
The offering was led by Raymond James Ltd. and Canaccord Genuity Corp. and included Echelon Wealth Partners Inc.
Tetra Bio-Pharma’s share price rose Friday after the funding was announced, but slipped slightly Monday to 23 cents in mid-afternoon trading on the TSX Venture Exchange.
