The Company intends to use the proceeds of the Private Placement to fund its clinical trials and R&D activities in collaboration with Cannvalate and iNGENū. The first tranche providing for the issuance of Common Shares having an aggregate subscription price of CAD$500,000 was triggered by the signing of the subscription agreement, whereas the subsequent tranches of the Private Placement will be triggered by the completion of various operational events in connection with the REBORN®, PLENITUDE® and CAUMZ® clinical trials, such as the achievement of first patient enrolments in each such trial. This partnership is intended to allow Tetra to achieve both goals."Ĭannvalate also agreed to acquire Common Shares of Tetra on a private placement basis, through seven (7) distinct tranches, for aggregate proceeds of CAD$7,500,000. Finding ways to accelerate timelines while reducing the monthly burn is a continuous battle for all biotechnology companies. It takes years of research and development to have a drug in two Phase 2 trials designed to support drug approval in the USA and Europe. Guy Chamberland, CEO and CRO of Tetra stated, "We have been developing inhaled cannabinoid drugs since 2016 and have a wealth of data to support the potential development of a new generation of drugs to help patients suffering from chronic diseases. Through the Cannvalate partnership, Tetra aims to efficiently assess the clinical viability of its drug products, as well as any new products developed.ĭr.
#Tetra bio pharma stock trial#
By conducting Tetra's clinical trial activities in Australia with iNGENū, it 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. Cannvalate's wholly owned entity, iNGENū, is one of the largest global CROs specializing in cannabinoid clinical trials. Cannvalate is a medical cannabis company bringing in safe and effective cannabinoid-based products to the Australian market. Tetra has entered into a research agreement with Cannvalate for the performance of clinical trials of Tetra's drug candidates in Australia. Sud Agarwal as a Special Advisor to the CEO and the board of directors with a mandate to advise on strategic aspects of the Company's activities and to aid in the advancement of our key programs: QIXLEEF™ and CAUMZ™. (" Tetra" or the " Company") (TSX: TBP) (OTCQB: TBPMF) (FRA:JAM1) a leader in cannabinoid-derived drug discovery and development, today announced it has entered into a research and development agreement with Cannvalate Pty Ltd (" Cannvalate") for the initiation of the REBORN®, PLENITUDE® and CAUMZ® clinical trials in Australia, and a subscription agreement contemplating a private placement (the " Private Placement") of common shares in the capital of the Company (the " Common Shares") with Cannvalate for aggregate proceeds to the Company of up to CAD$7,500,000. The Company to benefit from a 43.5% tax credit on all money spent on clinical trials in Australia.Cannvalate to launch and manage QIXLEEF™ and CAUMZ™ clinical trials in Australia.Cannvalate to invest CAD$7.5M in Tetra.
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