BetterLife Pharma (BETR) subsidiary Altum Pharmaceuticals will complete non-brokered financing of up to US$5.0 million with a European-based investor group.
The financing will be in tranches and will commence in January of 2022. At the completion of the US$5.0 million financings, the investor group will own approximately 12.5 per cent of Altum’s issued and outstanding shares.
“BetterLife has also formed a special committee to explore strategic options available to BetterLife and Altum in connection with the advancement of their respective programs,” said BetterLife’s Chief Executive Officer, Dr. Ahmad Doroudian.
“Shareholders of BetterLife will receive shares of Altum directly through a dividend or other similar form of distribution and will continue to participate in the growth of both companies while allowing BetterLife and Altum to focus on their respective business segments,” added Doroudian.
BetterLife Pharma Inc. is an emerging biotechnology company engaged in the development and commercialization of next-generation psychedelic products for the treatment of mental disorders.
BetterLife Pharma Inc. (BETR) is up 12.50 per cent, trading at C$0.22 at 1:09 pm EST.