2nd PP: Expected to close around Oct. 14Closing of the financing is intended to occur on or about October 14, 2022. Looks like they know they have enough of interested accredited investors to take part in this small pp announced Oct. 3, to have this date so close.
It's also been clever that the first pp (closed Sept. 22) was done separately so we can notice that management participated in it and increased its participation in the company, on top of the May 14 warrants conversion. It sends a powerful (and no-brainer) signal, 45% into a
pivotal NMIBC Ph. 2, within reach at being able to apply for Breakthrough designation (patient #25 450-days milestone should be by mid-December at the latest), and with more anti-virus insights from the Head, High Containment Respiratory Virus Group, Special Pathogens, PHAC (Canada's only Lab-4 (located in Winnipeg), famoulsy known for having developed the 100% efficacy Ebola vaccine).
COVID-19 final preclinical tests are set to start and end Q4 2022. I assume that we could potentially have a news release related to the beginning of this last preclinical test soon after Oct. 14, stating more details about how this final preclinical test will proceed.
Next official round of NMIBC Ph. 2 data will appear in the Nov. 30 financials.
The June 28 corporate still mentions about (projected) Commercialization phase) starting Jan. 2023. So this can only be possible because of Accelerated Approval (AA) designation (or jv partnership from a big pharma in terms of upfront payments based on acheiving Breakthrough designation).
Here's a refresher from the Feb. 7 news release:
Darwyn Kobasa, Ph.D., Head, High Containment Respiratory Virus Group, Special Pathogens, PHAC, stated “My team’s initial results indicate that, when activated by light, TLD-1433 is very effective in inactivating the COVID-19 virus at low concentrations, thus demonstrating proof-of-concept in the development of a Canadian-made COVID-19 vaccine.”
Kevin Coombs, Ph.D., Professor, Department of Medical Microbiology at UM, stated, “The work conducted at my lab and the work conducted by PHAC’s National Microbiology Laboratory, has demonstrated that a large range of enveloped viruses can be successfully inactivated by light-activated TLD-1433 at low concentrations. I am delighted that Theralase®’s and my initial preclinical research has proven to be effective in COVID-19.
Dr. Arkady Mandel, M.D., Ph.D., D.Sc., Interim Chief Executive Officer and Chief Scientific Officer, Theralase® stated, “The latest preliminary results by Dr. Kobasa and Dr. Coombs, demonstrates that the Theralase® vaccine may potentially be effective as a Canadian-made wholly-inactivated vaccine to prevent individuals from contracting COVID-19 in the future and warrants further research to confirm the findings. The research also demonstrates that the Theralase® platform is extremely versatile, with an ability to be applicable to a wide range of enveloped viruses.