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.
OBJ360 (Sponsored)
![People enjoying the Ottawa REDBLACKS Subaru log cabin](https://assets.obj.ca/2024/06/subaru-log-cabin-2023-gallery-300x169.gif)
Game on! How Ottawa REDBLACKS business experiences create meaningful connections
An Ottawa REDBLACKS game may be the only place a business leader should leave their game face at the door.
![Queensway Carleton Hospital Lumiere fundraiser](https://assets.obj.ca/2024/06/Lumiere_20240628_135436_0000-300x169.jpg)
Get ready to ROCK! The Lumière Gala returns to the Brookstreet this September
Brookstreet has always been a rock star in the world of hospitality. Now, the hotel is truly embracing the rock and roll vibe with this year’s themed gala in support
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.