BetterLife Announces Closing of Convertible Debentures For Further Development of BETR-001
03 January 2024 - 12:00AM
BetterLife Pharma Inc. (“BetterLife” or the “Company”) (CSE: BETR
/ OTCQB: BETRF / FRA: NPAU), an emerging biotech company
focused on the development and commercialization of cutting-edge
treatments for mental disorders, is pleased to announce the closing
of $300,000 convertible debentures to further advance the
development its lead compound, BETR-001. BETR-001 is BetterLife’s
proprietary 2-bromo-LSD, a non-hallucinogenic derivative of
lysergic acid diethylamide (LSD).
Ahmad Doroudian, the CEO of BetterLife said, “We
will use these funds to complete additional BETR-001 IND-enabling
studies required by the FDA as well as releasing of GMP drug
substance that can be used in future clinical trials. Completion of
each study gets BetterLife closer to submission of the IND and
start of human clinical trials. Our 2023 published and un-published
preclinical efficacy studies all support that BETR-001 will be
active in treating psychiatric disorders like other 5HT-2A receptor
agonist psychedelics with excellent safety profile. The de-risked
profile of BETR-001 is further supported by the fact that
2-bromo-LSD has been in human studies in the 1950s, and its
non-hallucinogenic nature, and safety and tolerability in humans
confirmed.” He further added, “What makes BETR-001 unique is that
it is not only de-risked, but it also has robust intellectual
proprietary protection. We are excited to be able to bring this
novel new treatment to patients with various psychiatric and
neurological disorders in the near future.”
BetterLife issued a total of $300,000 10%
convertible debentures (the “Convertible Debentures”) which mature
on June 30, 2025. The Convertible Debentures are convertible at the
option of the holder into units of the Company, consisting of one
common share and one share purchase warrant, at a conversion price
of $0.10 per unit. Each share purchase warrant will have an
exercise price of $0.10 and will expire on December 31, 2025. Dr.
Ahmad Doroudian, Chief Executive Officer of the Company, subscribed
for a total of $125,000 Convertible Debentures. The participation
of Dr. Doroudian in the private placement constituted a “related
party transaction” as defined under Multilateral Instrument 61-101
(“MI 61-101“). The issuance to the insider was exempt from the
formal valuation requirements of MI 61-101 by virtue of the
exemption contained in section 5.5(b) as none of the securities of
the Company are listed on a specified stock exchange. The
transaction is exempt from the minority shareholder approval
requirements of MI 61-101 by virtue of exemption contained in
section 5.7(a) of MI 61-101. At the time the transaction was agreed
to, neither the fair market value of, nor the fair market value of
the consideration for, the transaction, insofar as it involves
interested parties, exceeded 25% of the Company’s market
capitalization. The Company did not file a material change report
at least 21 days prior to the expected closing of the Convertible
Debentures as Dr. Doroudian’s participation was not determined at
that time.
About BetterLife Pharma
BetterLife Pharma Inc. is an emerging
biotechnology company primarily focused on developing and
commercializing two compounds, BETR-001 and BETR-002, to treat
neuro-psychiatric and neurological disorders.
BETR-001, which is in preclinical and
IND-enabling studies, is a non-hallucinogenic and non-controlled
LSD derivative in development and it is unique in that it is
unregulated and therefore can be self-administered. BetterLife’s
synthesis patent for BETR-001 eliminates regulatory hurdles and its
pending patent, for composition and method of use, covers treatment
of major depressive disorder, anxiety disorder and neuropathic pain
and other neuro-psychiatric and neurological disorders.
BETR-002, which is in preclinical and
IND-enabling studies, is based on honokiol, the active anxiolytic
ingredient of magnolia bark. BetterLife’s pending method of use and
formulations patent covers treatment of anxiety related disorders
including benzodiazepine dependency.
BetterLife also owns a drug candidate for the
treatment of viral infections such as COVID-19 and is in the
process of seeking strategic alternatives for further
development.
For further information, please
visit BetterLife Pharma.
BetterLife Pharma Inc. Contact
Information
David Melles, Investor Relations ManagerEmail:
David.Melles@blifepharma.comPhone: 1-778-887-1928
Cautionary Note Regarding
Forward-Looking Statements
No securities exchange has reviewed nor accepts
responsibility for the adequacy or accuracy of the content of this
news release. This news release contains forward-looking statements
relating to product development, licensing, commercialization and
regulatory compliance issues and other statements that are not
historical facts. Forward-looking statements are often identified
by terms such as “will”, “may”, “should”, “anticipate”, “expects”
and similar expressions. All statements other than statements of
historical fact, included in this release are forward-looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company’s expectations
include the failure to satisfy the conditions of the relevant
securities exchange(s) and other risks detailed from time to time
in the filings made by the Company with securities regulations. The
reader is cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted, as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of the Company. The reader is cautioned not to place undue
reliance on any forward-looking information. Such information,
although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may
differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news
release and the Company will update or revise publicly any of the
included forward-looking statements as expressly required by
applicable law.
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