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BetterLife Pharma Inc. announced its intent to conduct a Non-Brokered Private Placement offering of up to $500,000 to advance its lead compound BETR-001, a non-hallucinogenic LSD derivative, for mental disorders. The offering consists of units containing common shares and warrants.
BetterLife Pharma Inc. announces progress in its IND-enabling studies for BETR-001, a non-hallucinogenic LSD derivative for mental disorders. The company has initiated GLP studies for metabolism and genotoxicity. BETR-001 has shown robust activity in animal models without hallucinogenic effects. BetterLife plans to file the IND application with the FDA by the end of 2024.
In March 2024, BetterLife disclosed its intention to conduct private placement offerings of Convertible Debentures to fund the development of BETR-001. The company closed a tranche of $30,000 10% Convertible Debentures with a two-year maturity to further advance BETR-001 development. Each Convertible Debenture is convertible into units of the company, including one common share and one share purchase warrant.