BetterLife Pharma Inc (CSE:BETR, OTCQB:BETRF) announced that it has closed a financing designed to advance its clinical and preclinical studies.
The non-brokered private placement included 3,160,000 shares at a price of US$0.15 per share for gross proceeds of US$474,000.
Negev Capital and certain European-based investors participated in the offering, according to a statement from BetterLife.
READ: BetterLife to present BETR-001 preclinical data at the American College of Neuropsychopharmacology meeting in Phoenix
“We are delighted to support BetterLife in the development of promising second generation psychedelics that have significant clinical advantages for neuropsychiatric conditions,” Negev’s Ken Belotsky told investors.
“Indeed, in the race to an at-home (i.e. non trip-inducing) medication, they are in the lead. With excellent IP, a solid team, and a well-crafted strategy, BetterLife is poised to succeed.”
BetterLife also said that its convertible debtholder has converted the full outstanding amount of the debt to shares of the company. The principal amount (C$250,000) and accrued interest (C$58,027) have been converted at an agreed conversion price of C$0.20 per share. As a result, BetterLife issued 1,540,135 common shares upon conversion.
“We are extremely pleased to have such strategic investment from Negev Capital,” said Ahmad Doroudian, CEO of BetterLife.
“Investments from groups, such as Negev, provide strategic support and significant confirmation of our plans for the development of BETR-001 for the treatment of mental health disorders.”
Contact Angela at angela@proactiveinvestors.com
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