Ms. Iris Bincovich reports
INNOCAN PHARMA CORPORATION CLOSES C$8.2 MILLION PRIVATE PLACEMENT WITH INSTITUTIONAL INVESTORS
Innocan Pharma Corp. has closed its previously announced private placement of the company's common shares and warrants to purchase common shares to institutional investors for aggregate gross proceeds to the company of $8,227,150. Pursuant to the private placement, the company has issued 9,679,000 common shares and common warrants to purchase 9,679,000 common shares at a combined purchase price of 85 cents per common share and associated common warrant. Each Common Warrant entitles the holder thereof to purchase one Common Share at an exercise price of C$1.10 per share at any time prior to the five-year anniversary of the closing date of the Private Placement (the "Closing Date").
A.G.P./Alliance Global Partners (the "Agent") acted as the exclusive placement agent for the Private Placement.
In the United States, the Common Shares, Common Warrants and the shares issuable upon the exercise of the Common Warrants were offered on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and certain other jurisdictions in accordance with applicable securities laws.
No securities were offered for sale or sold in Canada.
"Innocan Pharma is growing," said CEO Iris Bincovich. "This fundraising will support our R&D and distribution efforts. We received a warm welcome from these new institutional investors and we believe it is an indicator that we are building on our achievements as a Company and are on the right track."
Innocan, together with its wholly-owned subsidiary, Innocan Pharma Ltd. ("Innocan Israel") is a pharmaceutical tech company that focuses on the development of several drug delivery platforms containing CBD. Innocan Israel and Ramot at Tel Aviv University are collaborating on a new, revolutionary exosome-based technology that targets both central nervous system (CNS) indications and the Covid-19 Corona Virus using CBD. CBD-loaded exosomes hold the potential to help in the recovery of infected lung cells. This product, which is expected to be administered by inhalation, will be tested against a variety of lung infections.
Innocan Israel signed a worldwide exclusive license agreement with Yissum, the commercial arm of The Hebrew University of Jerusalem, to develop a CBD drug delivery platform based on a unique-and novel controlled slow-release technologies to be administered by injection. Innocan Israel plans, together with Professor Barenholz, to test both the above novel platform and the previously developed liposome platform (PCT filed on October 01, 2020) on several potential conditions. Innocan Israel is also working on a dermal product that integrates CBD with other pharmaceutical ingredients as well as the development and sale of CBD-integrated pharmaceuticals, including, but not limited to, topical treatments for the relief of psoriasis symptoms as well as the treatment of muscle pain and rheumatic pain. The founders and officers of Innocan Israel each have commercially successful track records in the pharmaceutical and technology sectors in Israel and globally.
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