Tetra Bio-Pharma Inc. (TSX:TBP) said it has closed its previously announced bought-deal public offering of units or aggregate gross proceeds to the company of $14,421,000.
The company said a total of 65,550,000 unit, including the exercise in full of the over-allotment option granted to the underwriters, were sold at a price of $0.22 each. The offering was led by Canaccord Genuity and Leede Jones Gable.
The company said it intends to use the net proceeds of the offering to fund its drug development program, potential acquisitions and growth opportunities, as well as working capital and general corporate purposes.
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Each unit in the offering consisted of one common share in the company and one common share purchase warrant. Each warrant entitles the holder to acquire one common share by paying an exercise price of $0.28 for a period of 36 months from the date of closing of the offering.
Tetra Bio-Pharma is a pioneer in immunomodulator drug discovery and development with aUS Food & Drug Administration (FDA) and a Health Canada approved clinical program aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers.
Its evidence-based scientific approach has enabled us to develop a pipeline of cannabinoid-based drug products for a range of medical conditions, including pain, inflammation, and oncology. With patients at the core of what we do, Tetra Bio-Pharma is focused on providing rigorous scientific validation and safety data required for inclusion into the existing biopharma industry by regulators, physicians and insurance companies.
Contact the author at jon.hopkins@proactiveinvestors.com