Pascal Biosciences arranges $900,000 private placement 0.10¢ 2021-10-28 09:05 ET - News Release
Dr. Patrick Gray reports
PASCAL BIOSCIENCES ANNOUNCES FINANCING
Pascal Biosciences Inc. has provided an update on the development of the company's PAS-403 and PAS-393 patented molecules for development of cancer therapeutics prior to commencing clinical trials and for general working capital to support this direction.
The company has arranged a non-brokered private placement financing of up to nine million units of securities at a price of 10 cents per unit for aggregate gross proceeds of up to $900,000. Each unit will comprise one common share and one non-transferable common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of 15 cents for two years from the closing date of the private placement. The exercise term of the warrant will be accelerated in the event the closing price of the shares is above 20 cents for 10 consecutive days and will be exercisable for a period of 15 days from the date of receipt by investors of a notice of acceleration. Finder's fees of up to 10 per cent may be paid.
All securities issued will be subject to a four-month holding period which will expire on the date that is four months and one day from the date of issue.
About Pascal Biosciences Inc.
Pascal is a biotechnology company advancing innovative therapies for serious diseases. In addition to a targeted therapy for acute lymphoblastic leukemia, Pascal is developing cannabinoid-based treatments for cancer. These compounds include PAS-403, which is advancing into clinical trials for the treatment of glioblastoma, and PAS-393, an immuno-stimulatory cannabinoid to be used in combination with checkpoint inhibitor therapy to treat multiple cancers. The PAS-393 program is being developed collaboratively with SoRSE Technology.