Canadian Financing: PharmAla Biotech Offers Non-Brokered Private Placement Up To $3.76M
Portfolio Pulse from Lara Goldstein
PharmAla Biotech Holdings Inc. (OTC:PMBHF) has announced a non-brokered private placement of up to $3.76 million. The company intends to use the net proceeds to increase its MDMA and psilocybin inventory, fund Phase 2 clinical trials, and for general working capital purposes. PharmAla also received a research grant from the Ontario Centre for Innovation for its in-silico modeling partnership with the University of Windsor.
June 14, 2023 | 2:16 am
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PharmAla Biotech announces a non-brokered private placement of up to $3.76 million and receives a research grant for its in-silico modeling partnership.
The private placement will provide PharmAla with additional funds to increase its inventory, fund clinical trials, and support general working capital purposes. The research grant for its in-silico modeling partnership will help the company develop novel MDMA analogs with a better safety profile. Both of these developments are likely to have a positive impact on the company's stock price in the short term.
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