An Orleans-based cannabinoid drug company announced plans Thursday to raise $8 million in a bought deal offering.
Tetra Bio-Pharma (TSX-V:TBP), which alongside its subsidiaries researches therapies and develops natural health products based on cannabinoids, has agreed to offer eight million shares of the company at a price of $1 each. The offering is led by Echelon Wealth Partners with a syndicate of underwriters.
Tetra has included an overallotment option that, if exercised, would bring total proceeds from the financing to roughly $9.2 million.
OBJ360 (Sponsored)
Legal tips for making workplace changes during a period of economic uncertainty
With the ongoing threat of severe trade disruptions and economic uncertainty in the air, business owners who have been economically impacted by the tariffs might be contemplating changes to their
Legal tips for making workplace changes during a period of economic uncertainty
With the ongoing threat of severe trade disruptions and economic uncertainty in the air, business owners who have been economically impacted by the tariffs might be contemplating changes to their
The biopharmaceutical firm says it will use the funds to advance clinical testing for its PPP001 drug candidate, a potential pain-relieving therapy for late-stage cancer patients.
“The proceeds from this offering will enable Tetra to continue, and even accelerate some of the key development projects in our pipeline,” said CEO Bernard Fortier in a statement.
“This is another milestone in working towards becoming the first biopharmaceutical company in the world to get a smokable dried cannabis product approved as a prescription drug by Health Canada, the FDA and other regulatory agencies around the world.”
Shares of Tetra-Bio Pharma fell roughly 12 cents in trading on the TSX Venture Exchange on Thursday, closing around $1.
