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30. June 2020
Corporate News Market Watch News Pharmaceutical

Therapix Biosciences Raises $2.6 Million in Private Share Placement

Therapix Biosciences Ltd. (Nasdaq: TRPX), a specialty, clinical-stage pharmaceutical company focusing on the development of cannabinoid-based treatments, has announced that it has entered into definitive agreements with several institutional investors in a share placement worth $2.6 million.

Under the terms Therapix will issue an aggregate of 5.2 million American Depositary Shares (ADS) at a purchase price of $0.50 per ADS, and warrants to purchase up to 2.6 million American Depositary Shares in a private placement. The private placement is expected to result in gross proceeds to Therapix of $2.6 million. Therapix intends to use the net proceeds from the offering for general corporate purposes.

The warrants will have a term of five and one-half years, be exercisable commencing six months from the issuance date, and have an exercise price of $0.50 per ADS. From the issue date until the date that the Company consummates a public offering of ADSs with gross proceeds to the Company of at least $10 million, in the event that the Company sells shares at an effective price per ADS less than the exercise price, the exercise price of the warrants will be adjusted, to such lower price per

Roth Capital Partners acted as the exclusive placement agent for this offering. The securities described herein have not been registered under the Securities Act of 1933, as amended, and may not be sold in the United States absent registration or an applicable exemption from the registration requirements. The Company has agreed to file a registration statement with the Securities and Exchange Commission to register the resale of the ADSs, including ADSs issuable upon exercise of the warrants described above.

Israel-based Therapix Biosciences Ltd. is creating a portfolio of technologies and assets based on cannabinoid pharmaceuticals. With this focus, the company is currently engaged in drug development programs based on tetrahydrocannabinol (THC) and/or non-psychoactive cannabidiol (CBD): THX-110 for the treatment of Tourette syndrome and for the treatment of obstructive sleep apnea; THX-160 for the treatment of pain; and THX-210 for the treatment of autism spectrum disorder and epilepsy.

Source | Therapix Biosciences