This site uses cookies to ensure the best viewing experience for our readers.
Cannabis Company Therapix Biosciences to Raise $2.25 Million in Direct Offering

Cannabis Company Therapix Biosciences to Raise $2.25 Million in Direct Offering

In December, Israel-based Therapix scrapped a deal to be acquired by Canadian FSD Pharma for $48 million worth of FSD stock

Lilach Baumer  :  2019-03-28T16:43:00..
Israel-based cannabis company Therapix Biosciences Ltd. has signed agreements with unidentified investors to raise $2.25 million in registered direct offering, the company announced Thursday. Therapix’s American Depositary Shares are traded on Nasdaq, opening at $3.5 on Thursday.

For daily updates, subscribe to our newsletter by clicking here.

 

Founded in 2004, Therapix develops cannabis-based drugs for the treatment of neurological conditions, pain management, and infectious diseases.

In October, Therapix signed a deal to be acquired by Canadian FSD Pharma Inc. for $48 million worth of FSD Pharma stock—nearly three times Therapix’s market value. After hitting certain snags, the deal was scrapped in December.

The private placement, expected to close on April 1, will be used for general corporate purposes, product development, and the repayment of some of Therapix’s outstanding debt.

Medical cannabis (illusration). Photo: Shutterstock Medical cannabis (illusration). Photo: Shutterstock Medical cannabis (illusration). Photo: Shutterstock

share on facebook share on twitter share on linkedin share on whatsapp share on mail

TAGS