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Tetra Bio-Pharma Announces Closing of First Tranche with Cannvalate
Tetra Bio-Pharma Announces Closing of First Tranche with Cannvalate.
About this update from Tetra Bio-pharma Inc.
[{"type":"text","content":"\n\n\n\nTetra Bio-Pharma Announces Closing of First Tranche with Cannvalate\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nTetra Bio-Pharma Announces Closing of First Tranche with Cannvalate\nCanada NewsWire\nOTTAWA, ON, May 17, 2022\n\n\n\nOTTAWA, ON, May 17, 2022 /CNW/ - Tetra Bio-Pharma Inc. (\"Tetra\" or the \"Company\") (TSX: TBP) (OTCQB: TBPMF) (FRA:JAM1), a leader in cannabinoid-derived drug discovery and development, is pleased to announce the closing of the first tranche of the previously announced private placement with Cannvalate Pty Ltd (\"Cannvalate\"), resulting in the issuance of 8,236,681 common shares in the capital of the Company (the \"Common Shares\"), representing 1.95% of the issued and outstanding Common Shares, at a price of $0.06 per Common Share for proceeds to the Company of $0.5 million.\n\n \n \n \n \n \n \n\n \nThe subscription price per Common Share issuable under the first tranche was at a discount of 7% to the 5-day VWAP of the Common Shares on the Toronto Stock Exchange (\"TSX\") on May 4, 2022, the day of execution of the subscription agreement. This first tranche of seven (7) distinct tranches, which will result in aggregate proceeds of $7,500,000 to the Company, triggers the collaboration with iNGENū that will lead to the initiation of the REBORN©1 clinical trial in Australia. \nDr. Guy Chamberland, CEO and CRO of Tetra stated, \"We are encouraged by the partnership with Cannvalate and iNGENū as it will allow the Company to further advance our QIXLEEF™ drug program, a promising alternative to opioids. Many investigational new drugs fail trying to carve a use in the management of severe pain. Our interim clinical data demonstrates that QIXLEEF™ has the potential to make a significant difference in patients. Our new partners join us in the race to bring alternatives to pain management.\"\nPartnership with Cannvalate\nAs previously announced, Tetra has entered into a research agreement with Cannvalate for the performance of clinical trials of Tetra's drug candidates in Australia. Cannv...