Claritas Pharmaceuticals Inc V.CLAS.H

NR highlights

[PTBailey]

Highlights

• Claritas received aggregate proceeds of approximately CAD $1,247,000 (the “Aggregate Proceeds”) from the closing.
• Subject to the satisfaction of certain equity conditions, entry into the relevant agreements between the parties, and TSXV approval, a second tranche of the Offering may close in 90 days to provide additional proceeds of USD $750,000 (“Tranche 2”) and a third tranche may close 120 days following the closing of Tranche 2 to provide additional proceeds of approximately USD $1,250,000 (“Tranche 3”).
• The Aggregate Proceeds will be allocated primarily to the cost of the Phase 1 clinical study of R-107, as well as for general corporate purposes.
• “We are delighted to announce this transaction with Obsidian, which will enable the Company to move forward with and accelerate our Phase 1 clinical study of R-107,” said Robert Farrell, Claritas’ President and CEO. “We expect to complete the Phase 1 clinical study by Q1 next year, and thereafter we will initiate a Phase 2a clinical study of R-107 in treatment of pulmonary arterial hypertension (“PAH”), and seek funding under a BARDA contract from the U.S. Department of Health and Human Services for a Phase 2a clinical study of R-107 in hospitalized patients diagnosed with COVID-19 related sepsis.”

[Chritters]

So what Now? Wait to hear about Phase 1 starting News Release?

[PTBailey]

That is my understanding I think CMAX was just waiting to get paid in order to start.