- PharmaDrug (PHRX) has closed its previously announced sale of Pharmadrug Production GmbH to Khiron Life Sciences Corp
- Pharmadrug GmbH is a German medical cannabis distributor
- Khiron issued to Pharmadrug a total of 5,968,750 common shares
- With the finalization of the sale of the German asset, PharmaDrug is one step closer to streamlining its focus into a pure play biotech company
- PharmaDrug is a specialty pharmaceutical company focused on psychedelics, cannabis and naturally-derived approved drugs
- PharmaDrug Inc. was unchanged at C$0.03 as at 10:25 ET
PharmaDrug (PHRX) has closed its previously announced sale of Pharmadrug Production GmbH to Khiron Life Sciences Corp. (KHRN)
Pharmadrug GmbH is a German medical cannabis distributor with a Schedule I European Union narcotics licence and German EuGMP certification allowing for the importation and distribution of medical cannabis to pharmacies in Germany and throughout the European Union.
Khiron issued to Pharmadrug 5,500,000 common shares of the company (at a deemed price of $0.16 per share) and additional 468,750 common shares in connection with certain closing adjustments for a total of 5,968,750 common shares.
In addition, Khiron issued a non-interest bearing promissory note that was adjusted downward following certain closing adjustments to an aggregate principal amount of $974,137.
With the closing of the asset sale, PharmaDrug is one step closer to streamlining its focus into a pure-play biotech company.
The company is continuing to advance PD-001, its patented version of cepharanthine, towards potential FDA clinical trials on both the oncology and antiviral fronts.
The company also continues to advance its psychedelic biotech program for the treatment primary open angle glaucoma (POAG).
PharmaDrug is a specialty pharmaceutical company focused on researching, developing and commercializing controlled substances and natural medicines such as psychedelics, cannabis and naturally-derived approved drugs.
PharmaDrug Inc. was unchanged at C$0.03 as at 10:25 ET.