An Ottawa-based bioscience company working to develop pharmaceuticals derived from cannabis is moving up to the Toronto Stock Exchange next week.
Tetra Bio-Pharma says it expects to graduate to the TSX from the TSX Venture Exchange on Aug. 4. The company will continue to trade on the TSX under the symbol TBP.
“Graduating to the TSX represents a significant milestone in our efforts to broaden our reach to a larger shareholder base and raise the company’s profile among the investment community,” Tetra CEO Guy Chamberland said in a statement in mid-July when the company said it had received conditional approval to make the jump. “We are looking forward to this new chapter.”
The announcement comes a week after the firm said it had agreed to sell its natural health product subsidiary, Lumiera Health Innovation, to Montreal-based Mondias Natural Products in exchange for between $1 million and $1.5 million worth of Mondias shares. The deal is expected to close in mid-September.
Tetra – which is developing cannabinoid-based treatments for chronic pain related to cancer – raised nearly $20 million in a pair of public offerings earlier this year. The company is using the funds for working capital and general purposes as it goes through the necessary clinical trials and regulatory hurdles before its drugs can hit the market.
The company’s shares rose by a penny to 20 cents in midday trading the TSX Venture Exchange.