OTTAWA, May 01, 2019 (GLOBE NEWSWIRE) -- Tetra Bio-Pharma Inc. ("Tetra" or the "Company"), a leader in cannabinoid-based drug discovery and development (TSX VENTURE: TBP) (OTCQB: TBPMF), is pleased to announce that it completed today the previously-announced acquisition (the "Acquisition") of Panag Pharma Inc. ("Panag") pursuant to a share purchase agreement (the "Agreement") dated January 30, 2019 between the Company and the shareholders of Panag (the "Vendors").
Pursuant to the Agreement, Tetra acquired 100% of the issued and outstanding common shares of Panag held by the Vendors in consideration for, in aggregate, (i) $3,000,000 in cash and (ii) the issuance of 16,304,348 class A common shares of Tetra ("Common Shares") at a price of $0.552 per Common Share. The Agreement also contemplates the payment by Tetra to the Vendors of an aggregate amount of up to $15,000,000 in cash in milestone payments upon the achievement of operational targets associated with marketing approvals and commercialization of both human and veterinary drug products by the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), all as more fully described in the management proxy and information circular of the Company dated March 20, 2019.
All Common Shares issued as part of the Acquisition were issued pursuant to exemptions from the prospectus requirements of applicable securities laws.
Dr. Guy Chamberland, CEO and CSO of Tetra stated, "We are very excited by the closing of the acquisition of Panag Pharma. As of today, Tetra is no longer a small biotechnology company focused on cannabinoid-based drugs delivered by inhalation. We are now a small biopharmaceutical company with a strong pipeline of drugs for the ophthalmic and chronic inflammation markets with a unique portfolio of products ready for commercialization. From Day 1 I believed in the people that made Panag a success story. Today I am extremely proud to count them as part of the Tetra family. As a result of this acquisition, we have added highly qualified experts in cannabinoid science and medicine as well as a wealth of drug discovery and early phase drug development expertise and experience. I am confident the Tetra-Panag family will help take the Corporation to the next level of success."
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Tetra Bio-Pharma:
Tetra Bio-Pharma (TSX-V: TBP) (OTCQB: TBPMF) is a biopharmaceutical leader in cannabinoid-based drug discovery and development with a Health Canada authorized, and FDA reviewed, clinical trials aimed at bringing novel prescription drugs and treatments to patients and their healthcare providers. The Company has several subsidiaries engaged in the development of an advanced and growing pipeline of Bio Pharmaceuticals, Natural Health and Veterinary Products containing cannabis and other medicinal plant-based elements. With patients at the core of what we do, Tetra Bio-Pharma is focused on providing rigorous scientific validation and safety data required for inclusion into the existing bio pharma industry by regulators, physicians and insurance companies.
For more information visit: www.tetrabiopharma.com
Source: Tetra Bio-Pharma
About Panag Pharma:
Panag Pharma Inc. is a Canadian based bio-tech company focused on the development of novel cannabinoid-based formulations for the treatment of pain and inflammation. Panag believes that pain relief should be safe, non-addictive and above all; effective. The Panag Pharma team of PhD scientists and medical doctors are among the world’s leading researchers and clinicians in pain treatment and management. They bring a combined experience of over 100 years in research and clinical care of people dealing with chronic pain and inflammatory conditions. Panag’s current pipeline of pain relief products include formulations for the topical application to the skin, the eye and other mucous membranes. Recently approved by Health Canada and currently undergoing clinical trials, Panag Pharma’s Topical AOTC provides a new approach to the treatment of chronic pain and inflammation.
Forward-looking statements
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company to obtain sufficient financing to execute the Company's business plan; competition; regulation and anticipated and unanticipated costs and delays, the success of the Company's research and development strategies, including the success of CAUMZ and its other drug candidates, the applicability of the discoveries made therein, the successful and timely completion and uncertainties related to the regulatory process including the applications for Orphan Drug Designation, the timing of clinical trials, the timing and outcomes of regulatory or intellectual property decisions and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
Tetra Bio-Pharma Contact:
Guy Chamberland, Ph.D.,
Chief Executive Officer and Chief Scientific Officer
514-220-9225
Investors@tetrabiopharma.com
Investor Contact:
Pierre Boucher, CPA, CMA
Partner, Executive Vice-President
514-731-000 ext. 237
Investors@tetrabiopharma.com
Media Contact:
energi PR
Carol Levine, APR, FCPRS
514-288-8500 ext. 226
Carol.levine@energipr.com