BetterLife Announces Closing of a Private Placement
Summary
Each warrant entitles the holder thereof to acquire one common share at an exercise price of $0.13 at any time up to 24 months from the closing of the Offering. The Company did not file a material change report at least 21 days prior to the expected closing of the Offering as Dr. Doroudians participation was not determined at that time.The Company intends to complete a further tranche of non-brokered private placement for aggregate gross proceeds of up to $100,000 to be issued in units, with each unit comprised of one common share and one common share purchase warrant having a term of two years from the closing date.BetterLife Pharma Inc. is an emerging biotechnology company primarily focused on developing and commercializing two compounds, BETR-001 and BETR-002, to treat neuro-psychiatric and neurological disorders.BETR-001, which is in preclinical and IND-enabling studies, is a non-hallucinogenic and non-controlled LSD derivative in development and it is unique in that it is unregulated and therefore can be self-administered. BetterLifes synthesis patent for BETR-001 eliminates regulatory hurdles and its pending patent, for composition and method of use, covers treatment of major depressive disorder, anxiety disorder and neuropathic pain and other neuro-psychiatric and neurological disorders.BETR-002, which is in preclinical and IND-enabling studies, is based on honokiol, the active anxiolytic ingredient of magnolia bark. BetterLifes pending method of use and formulations patent covers treatment of anxiety related disorders including benzodiazepine dependency.BetterLife also owns a drug candidate for the treatment of viral infections and is in the process of seeking strategic alternatives for further development.For further information, please visit BetterLife Pharma.No securities exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Funding
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