Ottawa’s Tetra Bio-Pharma closes $9.2M public offering

Cannabis
Stock image for illustrative purposes only. Photo by Esteban Lopez / Unsplash.

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.

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.