The share price jumps 15%. Can't figure it outAPHRIA EXERCISES WARRANTS FOR GROSS PROCEEDS OF $1.3 MILLION TO FURTHER FUND TETRA'S CLINICAL TRIALS
Aphria Inc. has exercised its five million warrants of Tetra Bio Pharma Inc. for aggregate gross proceeds of $1.3-million. The proceeds from the warrant exercise will be used to advance the clinical trials being developed in PhytoPain Pharma Inc., a subsidiary of Tetra.
"We would like to thank Aphria for their continued support and investment in the research and development being conducted by the science team at Tetra," said Andre Rancourt, chief executive officer of Tetra. "By exercising their warrants ahead of schedule, this further confirms Aphira's commitment to accelerate Tetra's development work. I am pleased to report to shareholders that Tetra is in a solid financial position with over $4-million to continue advancing its strategic plan of becoming a leading biopharma organization focused on cannabis."