- PharmaDrug (PHRX) has closed the first tranche of a non-brokered private placement for gross proceeds of $280,000
- The company issued 7,000,000 units at a price of $0.04 per unit
- Net proceeds will be used to finance the production of pharmaceutical grade cepharanthine for use in upcoming clinical trials
- PharmaDrug is a specialty pharmaceutical company focused on researching, developing, and commercializing controlled substances and natural medicines
- PharmaDrug Inc. (PHRX) opened trading at C$0.035
PharmaDrug (PHRX) has closed the first tranche of a non-brokered private placement for gross proceeds of $280,000.
The company issued 7,000,000 units at a price of $0.04 per unit. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to acquire one additional common share at a price of $0.05 for 24 months.
PharmaDrug paid a cash commission of $1,600 and issued an aggregate of 40,000 broker warrants to eligible finders.
Net proceeds will be used to finance the production of pharmaceutical-grade cepharanthine intended to be used in Phase I and Phase II clinical trials.
The securities issued are subject to a statutory four month hold period.
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. (PHRX) opened trading at C$0.035.