- Small Pharma (DMT) has received TSXV approval for a normal course issuer bid
- The company may purchase up to five million shares over a 12-month period ending August 18, 2023
- It believes the current market price of its common shares is below intrinsic value
- Small Pharma is developing a pipeline of short-acting psychedelics with therapy for the treatment of mental health conditions
- Small Pharma (DMT) closed up by 11.11 per cent trading at $0.15 per share
Small Pharma (DMT) has received TSXV approval for a normal course issuer bid.
The company may purchase up to five million shares – representing 1.55 per cent of issued and outstanding shares – over a 12-month period ending August 18, 2023.
It will purchase shares at market prices through broker Eight Capital.
All shares purchased under the NCIB will be cancelled.
According to Small Pharma, no director, senior officer or other insider currently intends to sell shares under the NCIB.
“We believe that the current market price of our common shares does not adequately reflect their value,” stated George Tziras, Small Pharma’s CEO. “The company takes a prudent and responsible approach to the preservation of cash and we believe that the purchase of common shares under the NCIB will be in the best interests of the company and will enhance shareholder value.”
Small Pharma is a biotechnology company with a pipeline of short-acting psychedelics with therapy for the treatment of mental health conditions. The company initiated a clinical program into N,N-dimethyltryptamine–assisted psychotherapy in February 2021.
Small Pharma (DMT) closed up by 11.11 per cent trading at $0.15 per share.