Neural Therapeutics said it has closed its previously-announced rights offering, which expired on July 7, 2023, in which the company issued 5,595,992 Neural common shares at the subscription price of $0.03 per share for total gross proceeds of about $167,880.
The Canadian drug discovery firm said funds from the rights offering are expected to be used for working capital and general corporate purposes and administrative expenses.
“The funds in the rights offering will help us to strengthen our balance sheet and advance our mission of battling the mental health and addiction epidemic,” Neural Therapeutics CEO Ian Campbell said in a statement.
“Together we can make strides in unlocking the secrets of ancient civilizations in solving modern-day healthcare challenges,” he added.
As well, the company stated that it has received a number of subscriptions for its previously-announced private placement, which Neural continues to work towards closing.
It added that proceeds of the concurrent private placement are expected to be used for general corporate purposes and administrative expenses, and to fund the company’s research and development programs.
Neural Therapeutics is a drug-discovery company focusing on plant-based active substances with the goal of delivering beneficial, over-the-counter dietary supplements and psychedelic-based therapeutic medicines to treat serious mental ailments where no significant treatment is available today.
The company’s key ingredient is mescaline derived from cacti.
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