XPhyto Closes Final Tranche of Fully Subscribed Financing
XPhyto Therapeutics Corp. has successfully completed the final tranche of its private placement, raising $788,400 through the issuance of 2,190,000 units priced at $0.36 each. Each unit includes one common share and one-half share purchase warrant, exercisable at $0.50 for two years. Proceeds from this financing, totaling $3.6 million, will support research, development, and working capital. Notably, all issued securities are subject to a four-month regulatory hold period. XPhyto is focused on advancing drug delivery and diagnostic products in European markets.
- Successfully closed financing raising $788,400.
- Total proceeds from financing reach $3.6 million.
- Funding allocated for research, development, and general working capital.
- Each unit includes warrants exercisable at $0.50, potentially increasing future investment.
- Company targets European markets for product commercialization.
- Potential risks associated with the success of product development.
- Uncertainties in achieving viable commercial product sales.
- Dependency on external capital, which may not be available on favorable terms.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC / ACCESSWIRE / September 2, 2022 / XPhyto Therapeutics Corp. (CSE:XPHY)(OTCQB:XPHYF)(FSE:4XT) ("XPhyto" or the "Company") is pleased to announce that further to its news releases of July 22, 2022, August 2, 2022 and August 30, 2022, it has closed the final tranche of its private placement in the amount of 2,190,000 units of the Company (the "Units") at a price of
The Company paid
All securities issued under the placement are subject to a regulatory hold period expiring four months from the date of issue.
The Company will use net proceeds of the
The securities referred to above have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities.
About XPhyto Therapeutics Corp.
XPhyto Therapeutics Corp. is a bioscience accelerator focused on next-generation drug delivery, diagnostic, and new active pharmaceutical ingredient investment opportunities, including: precision transdermal and oral dissolvable drug formulations; rapid, low-cost infectious disease and oral health screening tests; and standardization of emerging active pharmaceutical ingredients for neurological applications, including psychedelic compounds and cannabinoids. The Company has research and development operations in North America and Europe, with an operational focus in Germany, and is currently focused on regulatory approval and commercialization of medical products for European markets.
XPhyto Therapeutics Corp.
Hugh Rogers, CEO and Director
Email: info@xphyto.com
Phone: +1 780-818-6422
Forward-Looking Statements
This news release includes statements containing forward-looking information within the meaning of applicable Canadian securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "develop", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "propose" and other similar words, or statements that certain events or conditions "may" or "will" occur, and in this release include the statement regarding the Company's goal of building a successful diagnostic, drug delivery, and medical cannabis company. Forward-looking statements are only predictions based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements, including: that the Company may not succeed in developing a commercial product; that the sale of products may not be a viable business; that the Company may be unable to scale its business; product liability risks; product regulatory risk; general economic conditions; adverse industry events; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; currency risks; competition; international risks; and other risks beyond the Company's control. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: XPhyto Therapeutics Corp.
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