OTTAWA,
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.
The 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.
Dr. 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."
Partnership with Cannvalate
As previously announced, Tetra has entered into a research
agreement with Cannvalate for the performance of clinical trials of
Tetra's drug candidates in Australia. Cannvalate is a medical
cannabis company bringing in safe and effective cannabinoid-based
products to the Australian market. Cannvalate's wholly owned
entity, iNGENū, is one of the largest global CROs specializing
in cannabinoid clinical trials. Conducting Tetra's clinical trial
activities in Australia with iNGENū will allow the
Company to benefit from a 43.5% tax credit on all money spent on
clinical trials in Australia, and an increased access to
patients seeking participation in trials where the pharmaceutical
cannabis drug is provided at no cost. Through the Cannvalate
partnership, Tetra aims to efficiently assess the clinical
viability of its drug products, as well as any new products
developed.
About QIXLEEF™
QIXLEEF™ is the Company's proprietary investigational new drug
currently being studied in two U.S Food and Drug Administration
(FDA) authorized clinical trials. QIXLEEF™ is a botanical therapy
with a fixed dosage of tetrahydrocannabinol (THC) and cannabidiol
(CBD). The drug is inhaled using a medical vaporizer and
manufactured in Canada in a
licensed current good manufacturing practice (cGMP) facility
authorized by Health Canada.
About REBORN©1 - Clinical Trial
REBORN©1 is a Phase 2 study authorized by the U.S. FDA to
evaluate inhaled cannabinoids against a class of immediate-release
oral opioids for the management of breakthrough cancer pain
(BTcP). The study consists of a 10-week proof-of concept,
open-label randomized study to evaluate the effect of inhaled
QIXLEEF™ as compared to morphine sulfate or hydromorphone or
oxycodone for the treatment of BTcP in 20 patients.
About Tetra Bio-Pharma
Tetra Bio-Pharma (TSX: TBP) (OTCQB: TBPMF) (FRA:JAM1) is a
leader in cannabinoid-derived drug discovery and development with a
FDA and a Health Canada cleared clinical program aimed at bringing
novel prescription drugs and treatments to patients and their
healthcare providers. Their evidence-based scientific approach has
enabled them to develop a pipeline of cannabinoid-based drug
products for a range of medical conditions, including pain,
inflammation, and oncology. With patients at the core of what they
do, Tetra Bio-Pharma is focused on providing rigorous scientific
validation and safety data required for inclusion into the existing
biopharma industry by regulators, physicians, and insurance
companies.
For more information: www.tetrabiopharma.com
Neither the TSX Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
Forward-looking statements
Some statements in this news release may contain forward-looking
information. All statements, other than of historical fact, that
address activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future.
Forward-looking statements are generally identifiable by use of the
words "may", "will", "should", "continue", "expect", "anticipate",
"estimate", "believe", "intend", "plan" or "project" or the
negative of these words or other variations on these words or
comparable terminology. Without limiting the generality of the
foregoing, statements in this news release regarding the completion
of other tranches under the private placement with Cannvalate and
statements regarding the clinical trials and drug candidates of the
Company, including their expected benefits, are forward-looking
statements. Forward-looking statements are subject to a number of
risks and uncertainties, many of which are beyond the Company's
ability to control or predict, that may cause the actual results of
the Company to differ materially from those discussed in the
forward-looking statements. Factors that could cause actual results
or events to differ materially from current expectations include,
among other things, without limitation, the inability of the
Company to obtain sufficient financing to execute the Company's
business plan; competition; regulation and anticipated and
unanticipated costs and delays, the success of the Company's
research and development strategies, including the success of this
product or any other product, the applicability of the discoveries
made therein, the successful and timely completion and
uncertainties related to the regulatory process, the timing of
clinical trials, the timing and outcomes of regulatory or
intellectual property decisions and other risks disclosed in the
Company's public disclosure record on file with the relevant
securities regulatory authorities. Although the Company has
attempted to identify important factors that could cause actual
results or events to differ materially from those described in
forward-looking statements, there may be other factors that cause
results or events not to be as anticipated, estimated or intended.
Readers should not place undue reliance on forward-looking
statements. The forward-looking statements included in this news
release are made as of the date of this news release and the
Company does not undertake an obligation to publicly update such
forward-looking statements to reflect new information, subsequent
events or otherwise unless required by applicable securities
legislation.
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SOURCE Tetra Bio-Pharma Inc.