More Cannabis Funding For FDA And Product Expansion: How This Pharma Tech Company Is Doing It

Innocan Pharma Corporation INNO IP INNPF has closed the second and final tranche of its previously announced private placement offering of its units.

Under the offering, Innocan issued 4,005,408 units at $0.30 per unit for aggregate gross proceeds of $1,201,622.

The company issued an aggregate of 5,425,608 units under the offering for aggregate gross proceeds of $1,627,682.

Research Capital Corporation leads the offering as sole agent and sole book-runner, Innocan said on Friday.

The Details

Each unit is comprised of one common share of the company and one purchase warrant of the company.

Each warrant shall entitle the holder thereof to purchase one common share at an exercise price of $0.36 for a period of 36 months from the closing of the second tranche.

Why It Matters

The company intends to use the net proceeds to fund:

• The pre-investigational new drug meeting with the FDA regarding the human application of the company's products;
• The investigational new animal drug meeting with the FDA regarding the veterinary application of the company's products; and
• For the expansion of the company's derma-cosmetic product distribution.
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