BetterLife Pharma Raises C$2 Million Via Convertible Debenture Financing to Complete BETR-001 FDA IND Filing
BetterLife Pharma (BETR.CN) on Monday closed a C$2 million convertible-debenture financing to fund the remaining IND-enabling work on its lead candidate, BETR-001, a non-hallucinogenic, second-generation LSD-derivative molecule.The company said it is concentrating near-term development on neurological pain, "with an initial emphasis on cluster headache and migraine". A director and insider of the company subscribed for the C$2-million of the debenture, it said.The debenture carries interest of 10% per year and matures on June 1, 2027. The company added that the principal is convertible at the holder's option to share units priced at C$0.06, with each unit made up of a share and a three-year warrant to buy a share for C$0.10.The company's shares were last seen unchanged at C$0.065 on the Canadian Securities Exchange.
