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Tetra Bio-Pharma to raise C$4.5M for clinical development of cannabis therapy

Tetra Bio-Pharma Inc. is looking to raise C$4.5 million via the sale of 4.5 million units priced at C$1 apiece.

Each unit consists of a common share and a warrant to purchase an additional share for C$1.30 each.

The Ontario-based company will use the net proceeds primarily to advance its phase 3 trial for PPP001, a smokeable cannabis drug for treating pain associated with cancer.

A portion of the proceeds will go to repay debts, to support commercial efforts, and for general corporate and working capital purposes.