Lobe Sciences Ltd (CSE:LOBE, OTCQB:LOBED) CEO Phillip Young tells Proactive's Stephen Gunnion that a $1.3 million private placement, together with a recently-announced $1.5 million convertible note through Cantheon Capital, will be dedicated to its clinical and medical development programs, starting in Australia.
The company also plans to file an investigational new drug (IND) application in the US to enable it to conduct studies in the US, next year and beyond, he said.
Proceeds from the offering are expected to be used for manufacturing and regulatory activities necessary to support initial human clinical trials with novel psilocin analogs L-130 and L-131, Young added.
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