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Q BioMed prices US$5.5mln offering as it's poised for catalyst-rich year

"2018 is a catalyst-rich year for us. We have several major milestones on the near horizon..." said Corin
Q BioMed prices US$5.5mln offering as it's poised for catalyst-rich year
Q BioMed is eyeing a very busy and successful 2018

Biotech accelerator firm Q BioMed Inc (OTCMKTS:QBIO) has priced its public offering with funds to be used for the commercialization of its first approved drug and pivotal clinical programmes in 2018.

The group will issue over 1.7mln shares, together with warrants, to buy up to the same amount of company shares, with a price of US$3.20, to raise US$5.5mln.

READ: Q Biotech "accelerator" Q BioMed has several shots at goal

"2018 is a catalyst-rich year for us. We have several major milestones on the near horizon and this capital provides the means to get there," a delighted Denis Corin, chief executive, told investors.

"In addition, given that we settled all our convertible debt at the end last year, this cash will boost our shareholder equity, further progressing us towards an uplisting on a senior national exchange."

READ: Q BioMed shares up; Corin to present at California conference

The proceeds will provide enough capital to execute on several milestones in the first half of 2018 and beyond, the firm said. These include:

The commercialization of the group's licensed FDA approved drug, Strontium Chloride 89 (SR89) for the treatment of skeletal pain associated with metastatic cancers.

Initiating the planning and IND filing for a Phase 4 post-marketing study to expand the indication of the approved SR89, labelling it as chemotherapeutic (a cancer therapy) for skeletal metastases, significantly improving the revenue potential for the drug.

The filing of an IND for a pivotal phase ll/lll clinical program to test the efficacy of QBM-001, a pro-drug for the treatment of young children with a rare autistic spectrum disorder that severely inhibits their ability to communicate.

Continued R&D (research and development) on the novel chemotherapeutic drug for liver cancer.

Completion of optimisation and pre-clinical testing of the first-in-class glaucoma drug Man-01 for the treatment of open angle glaucoma, a disease affecting more than 60,000,000 people around the world.

A BioMed said the offering was expected to close on or around February 1 this year, subject to satisfying customary closing conditions.

Each warrant will have an exercise price of US$3.20 and will expire after five years. The gross proceeds from the offering are expected to be around US$5.5 million.

Shares in Q BioMed added 1.55% in New York to US$3.93 each.

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