BetterLife Announces Fully Subscribed Private Placement Financing

Rhea-AI Summary

BetterLife Pharma (CSE: BETR / OTCQB: BETRF) has announced a fully subscribed non-brokered private placement of $1,100,000. The offering consists of units priced at $0.15, each comprising one common share and one full warrant. Each warrant allows the purchase of one common share at $0.20 for up to two years post-closing. The company plans to use the proceeds to advance its lead compound BETR-001, a non-hallucinogenic LSD derivative, and for general working capital. BetterLife, an emerging biotech firm, focuses on developing non-hallucinogenic LSD-based therapeutics for mental disorders. The closing is pending regulatory approvals.

Positive

• Fully subscribed private placement of $1,100,000
• Proceeds to be used for advancing lead compound BETR-001
• Each unit includes a full warrant, potentially providing additional future funding

Negative

• Potential dilution of existing shareholders due to new share issuance

VANCOUVER, British Columbia, Aug. 29, 2024 (GLOBE NEWSWIRE) -- BetterLife Pharma Inc. (“BetterLife” or the “Company”) (CSE: BETR / OTCQB: BETRF / FRA: NPAU), an emerging biotech company focused on the development and commercialization of non-hallucinogenic LSD-based therapeutics for mental disorders, announces that it intends to complete a fully subscribed non-brokered private placement offering (the “Private Placement”) of $1,100,000. The Private Placement will comprise of units issued at a price of $0.15 per unit, with each unit consisting of one common share in the capital of the Company (a “Common Share”) and one full common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share at an exercise price of $0.20 for up to two years following the date of the closing of the Private Placement.

The Company intends to use the proceeds for the advancement of its lead compound BETR-001, a non-hallucinogenic derivative of LSD (lysergic acid diethylamide), and general working capital purposes. The close is subject to the receipt of all necessary regulatory and other approvals which will be announced as soon as it has been completed.

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 and is in the process of seeking strategic alternatives for further development.

For further information, please visit BetterLife Pharma.

Contact

David Melles, Investor Relations Manager
Email: David.Melles@blifepharma.com
Phone: 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.

FAQ

What is the size of BetterLife Pharma's (BETRF) recent private placement?

BetterLife Pharma (BETRF) announced a fully subscribed non-brokered private placement of $1,100,000.

What is the price per unit in BetterLife's (BETRF) August 2024 private placement?

The units in BetterLife's (BETRF) private placement are priced at $0.15 per unit.

What does each unit in BetterLife's (BETRF) private placement consist of?

Each unit consists of one common share and one full common share purchase warrant.

What is the exercise price and duration of the warrants in BetterLife's (BETRF) private placement?

Each warrant allows the purchase of one common share at $0.20 for up to two years following the closing of the Private Placement.

How does BetterLife (BETRF) plan to use the proceeds from the August 2024 private placement?

BetterLife (BETRF) intends to use the proceeds for advancing its lead compound BETR-001 and for general working capital purposes.