Tetra Bio-Pharma Inc., a company working in cannabinoid-based drug discovery and development, has announced it has entered into a subscription agreement with investment vehicle Global Corporate Finance Opportunities 16 (GCFO 16).
The announcement came yesterday (August 11) after Alpha Blue Ocean (ABO) advised the partnership whereby Canadian-based Tetra agrees to issue investor GCFO 16 senior unsecured convertible debentures in the aggregate principal amount of up to $6 million and warrants to purchase common shares in the capital of the company.
Guy Chamberland, CEO of Tetra said: “The company is pleased to announce our financing agreement with Alpha Blue Ocean. This agreement gives us capital to fund our operations and further pursue the development of our drug candidates.”
Created in 2017, ABO says it is a pioneer in alternative financings, providing innovative financing solutions for companies across the globe. In less than five years, ABO, founded by Pierre Vannineuse, has executed more than $1.5 billion in financial commitments and more than 90 transactions, with a high focus on the life science sector.
Amine Nedjai, CEO of ABO said: “We are excited to partner with Tetra, a leader in cannabinoid-based drug discovery and development,” This financing agreement, ABO’s first on the TSX, will provide funds for the Tetra team to accelerate its drug development pipeline.”
Tetra works in cannabinoid-derived drug discovery and development with a Food and Drug Administration (FDA) and a Health Canada cleared clinical program aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers.
The company says its 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 is focused on providing rigorous scientific validation and safety data required for inclusion into the existing biopharma industry by regulators, physicians, and insurance companies.