- PsyBio Therapeutics Corp. (PSYB) has completed the first tranche of a non-brokered private placement
- The offering consisted of 12,665,612 units at a price of $0.05 per unit for gross proceeds of $633,281
- The company intends to offer up to an additional $1,000,000 of units for potential gross proceeds of $2,000,000
- The company announced that Nitin Kaushal has resigned from the Board
- PsyBio Therapeutics is an intellectual property-driven biotechnology company developing psycho-targeted therapeutics to improve mental health and neurological conditions
- Psybio Therapeutics Corp. was up 12.50 per cent, trading at $0.045 at 9:39 AM ET
PsyBio Therapeutics (PSYB) has completed the first tranche of a non-brokered private placement for gross proceeds of $633,281.
The offering consisted of 12,665,612 units at a price of $0.05 per unit. Each unit consists of one subordinate voting share in the capital of the company and one subordinate voting share purchase warrant exercisable at $0.10 per share for a period of 24 months following the closing date of the offering.
The company plans to use the net proceeds of the offering for Current Good Manufacturing Practices (cGMP) regulations to scale its biosynthetic drug candidates in its own facility, for clinical trial preparation and for general corporate and working capital purposes.
“Our entire senior management team and each member of the board of directors are participating in this round which will further cGMP manufacturing of not only biosynthetic psilocybin but our extensive portfolio of pharmaceutical candidates,” stated Evan Levine, PsyBio’s Chief Executive Officer.
The company also intends to increase the size of the offering by up to an additional $1,000,000 for potential gross proceeds of $2,000,000 when taking into account the amount previously announced on December 1, 2022.
The company is proposing to complete the additional offering on a non-brokered basis on identical terms to the offering on or before February 3, 2023.
The company further announces that Nitin Kaushal has resigned from the Board for personal reasons, and the Board has accepted his resignation. The Board now consists of Messrs. Evan Levine, Noah Davis, Ross Carmel and Bob Oliver.
PsyBio Therapeutics is an intellectual property-driven biotechnology company developing psycho-targeted therapeutics to improve mental health and neurological conditions.
Psybio Therapeutics Corp. was up 12.50 per cent, trading at $0.045 at 9:39 AM ET.
