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Vitality Biopharma, Inc. (OTC Mkts: VBIO) announced the effectiveness of its Form S-1 registration statement by the SEC, enabling an equity line financing of up to $5 million with Triton Funds. The funds will primarily support the advancement of VBX-100, a cannabinoid prodrug recently granted Orphan Drug Designation by the FDA for pediatric ulcerative colitis. Additionally, the company's common shares are now DTC eligible, enhancing their market efficiency and reducing transaction costs.
Vitality Biopharma (VBIO) announced a $5 million equity line financing with an institutional investor.
This financing will allow the company to sell shares up to $250,000 per purchase notice until December 31, 2022, at 85% of the stock's lowest daily volume weighted average price over the prior five days.
The funds are earmarked for advancing the prodrug candidate VBX-100, which recently received Orphan Drug Designation from the FDA for pediatric ulcerative colitis.
On August 10, 2021, Vitality Biopharma (OTC: VBIO) received Orphan Drug Designation from the FDA for its glycosylated cannabinoid prodrug VBX-100, aimed at treating pediatric ulcerative colitis. This milestone highlights the company's commitment to developing innovative treatments for gastrointestinal disorders. With a portfolio of over 100 cannabinoid compounds, Vitality plans to expedite research and capitalize on the benefits of orphan designation, including seven years of market exclusivity and tax incentives for clinical trials.
