Pharmaceutical

BetterLife Closes $1,857,143 of Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

BetterLife Pharma Inc. ("BetterLife" or the "Company") (CSE: BETR  OTCQB : BETRF FRA: NPAU ), an emerging biotech company focused on the development and commercialization of cutting-edge treatments for mental disorders, is pleased to announce the closing of its brokered private placement offering pursuant to which the Company issued 1,500,000 units of the Company ("Units") at a price of $0.10 per Unit for aggregate gross proceeds of $1,500,000 (the "Brokered Offering"). The Brokered Offering was led by Bloom Burton Securities Inc., as lead placement agent and Research Capital Corp.

Each Unit is comprised of one common share of the Company (a "Common Share") and one Common Share purchase warrant of the Company (each whole Common Share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.15 at any time up of 60 months from the closing of the Brokered Offering.

The net proceeds from the Brokered Offering will be used by the Company for the purposes described in the amended and restated offering document (the "Offering Document") of the Company dated March 10, 2023.

Mr. Doroudian, Chief Executive Officer of the Company, purchased 2,000,000 Units for a purchase price of $200,000.00. The participation of Mr. Doroudian in the Brokered Offering constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction is exempt from the formal valuation requirements of MI 61-101 as none of the securities of the Company are listed on a prescribed stock exchange. The transaction is exempt from the minority shareholder approval requirements of MI 61-101 as, at the time the transaction was agreed to, neither the fair market value of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeded 25% of the Company's market capitalization. The Company did not file a material change report with respect to the participation of Mr. Doroudian at least 21 days prior to the closing of the Offering as Mr. Doroudian's participation was not determined at that time.

Concurrent with the closing of the Brokered Offering, the Company closed a non-brokered private placement pursuant to which the Company issued 3,571,429 units of the Company ("Non-Brokered Units") at a price of US$0.07 per Non-Brokered Unit for aggregate gross proceeds of $357,143 (US$250,000) (the "Non-Brokered Offering"). Each Non-Brokered Unit is comprised of one Common Share and Warrant. Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of US$0.11 at any time up of 60 months from the closing of the Non-Brokered Offering. The Non-Brokered Units sold pursuant to the Non-Brokered Offering will be subject to a four month hold period pursuant to applicable Canadian securities laws.

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 such as COVID-19 and is in the process of seeking strategic alternatives for further development.

For further information, please visit BetterLife Pharma .

Contact Information

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 within the meaning of applicable Canadian securities laws regarding the Company and its business, which may include, but are not limited to, the use of the net proceeds from the Brokered Offering. 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, including without limitation, those listed in the "Risk Factors" section of the Company's most recent Annual Report on Form 20-F filed on June 17, 2022 under the Company's profile on SEDAR at www.sedar.com . 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.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

BETR:CNX
The Conversation (0)

BetterLife's Non-hallucinogenic LSD For Treating Mood Disorders Highlighted in Drug Discovery & Development Article

BetterLife Pharma Inc. ("BetterLife" or the "Company") (CSE: BETR  OTCQB: BETRF FRA: NPAU ), an emerging biotech company focused on the development and commercialization of cutting-edge treatments for mental disorders, is pleased to announce that, an article titled "Non-hallucinogenic LSD derivative reduces depression symptoms in preclinical studies," based on BetterLife's lead candidate BETR-001 (2-bromo-LSD) was published by Drug Discovery & Development on March 22, 2023.

The Drug Discovery & Development article describes and adds further comments to the positive data and extensive pharmacological characterization of BETR-001 which were published recently in the peer-reviewed journal Cell Report s. These studies were performed by BetterLife in collaboration with several leading scientists in this field: Dr. Adam L. Halberstadt (University of California San Diego, USA), Dr. Argel Aguilar-Valles (Carleton University, Canada), and Dr. John D. McCorvy (Medical College of Wisconsin, USA).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Promise of BetterLife's Non-hallucinogenic LSD For Treating Mood Disorders Highlighted in Medical Xpress Article

BetterLife Pharma Inc. ("BetterLife" or the "Company") (CSE: BETR  OTCQB: BETRF FRA: NPAU ), an emerging biotech company focused on the development and commercialization of cutting-edge treatments for mental disorders, is pleased to announce that, in its March 17, 2023 issue, Medical Xpress has published an article titled "Study hints at the promise of non-hallucinogenic LSD for treating mood disorders," which is based on BetterLife's lead candidate BETR-001 (2-bromo-LSD).

The Medical Xpress article describes and adds further comments to the positive data and extensive pharmacological characterization of BETR-001 performed by BetterLife in collaboration with several leading scientists in this field: Dr. Adam L. Halberstadt (University of California San Diego, USA), Dr. Argel Aguilar-Valles (Carleton University, Canada), and Dr. John D. McCorvy (Medical College of Wisconsin, USA). The full data were published recently in the peer-reviewed journal Cell Report .

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

CORRECTION -- BetterLife Closes $1,857,143 of Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

BetterLife Pharma Inc. ("BetterLife" or the "Company") (CSE: BETR  OTCQB : BETRF FRA: NPAU ) announces a correction to its press release entitled " BetterLife Closes $1,857,143 of Private Placement " issued today (the " Initial Press Release ").

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

BetterLife Files Amended and Restated Offering Document for Offering of Units

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

BetterLife Pharma Inc. ("BetterLife" or the "Company") (CSE: BETR  OTCQB : BETRF FRA: NPAU ) an emerging biotech company focused on the development and commercialization of cutting-edge treatments for mental disorders, announces that it has filed an amended and restated offering document for its previously announced private placement offering (the "Offering") of units of the Company ("Units").

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Betterlife Publishes Promising Results from a Study Titled "A Non-Hallucinogenic LSD Analog With Therapeutic Potential For Mood Disorders"

BetterLife Pharma Inc. ("BetterLife" or the "Company") (CSE: BETR  OTCQB: BETRF FRA: NPAU ), an emerging biotech company focused on the development and commercialization of cutting-edge treatments for mental disorders, is pleased to announce that findings from a study on its lead candidate BETR-001 (2-bromo-LSD) titled "A Non-Hallucinogenic LSD Analog With Therapeutic Potential For Mood Disorders" has been published in the peer-reviewed journal of Cell Report .

The study expands on previously reported positive data by performing an extensive pharmacological characterization of BETR-001 in comparison with LSD. The results show distinct central nervous system aminergic receptors pharmacological differences between BETR-001 versus LSD. These include 5-HT2A receptor partial agonism and lack of psychedelic-like effects in vivo for BETR-001 in contrast to LSD. Further, the study demonstrates lack of 5-HT2B agonism for BETR-001 in contrast to the 5-HTB agonism caused by LSD, and therefore a projected safer cardiovascular profile for BETR-001. Finally, the study shows BETR-001 induces neuroplasticity both in vitro and in vivo while promoting active coping behavior in mouse models of depression and anxiety.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Merck to Hold First-Quarter 2023 Sales and Earnings Conference Call on April 27

Merck (NYSE: MRK), known as MSD outside of the United States and Canada, will hold its first-quarter 2023 sales and earnings conference call with institutional investors and analysts at 9:00 a.m. ET on Thursday, April 27. During the call, company executives will provide an overview of Merck's performance for the quarter.

Investors, journalists and the general public may access a live audio webcast of the call via this weblink . A replay of the webcast, along with the sales and earnings news release, supplemental financial disclosures, and slides highlighting the results, will be available at www.merck.com .

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

FDA Converts to Full Approval Indication for KEYTRUDA® for Certain Adult and Pediatric Patients With Advanced Microsatellite Instability-High or Mismatch Repair Deficient Solid Tumors

KEYTRUDA is approved for the treatment of adult and pediatric patients with unresectable or metastatic MSI-H or dMMR solid tumors, as determined by an FDA-approved test, that have progressed following prior treatment and who have no satisfactory alternative treatment options

Merck (NYSE: MRK), known as MSD outside of the United States and Canada, today announced that the U.S. Food and Drug Administration (FDA) has granted full approval to KEYTRUDA, Merck's anti-PD-1 therapy, for the treatment of adult and pediatric patients with unresectable or metastatic microsatellite instability-high (MSI-H) or mismatch repair deficient (dMMR) solid tumors, as determined by an FDA-approved test, that have progressed following prior treatment and who have no satisfactory alternative treatment options. The conversion from an accelerated to a full (regular) approval is based on results from the Phase 2 KEYNOTE-158, KEYNOTE-164 and KEYNOTE-051 trials and includes data in 504 adult and pediatric patients across more than 30 types of cancer. This marks the first full approval for an immunotherapy based on a predictive biomarker, regardless of solid tumor type.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

KEYTRUDA® Plus Chemotherapy Significantly Improved Progression-Free Survival Compared to Chemotherapy Alone as First-Line Therapy for Advanced or Recurrent Endometrial Carcinoma, Regardless of Mismatch Repair Status

KEYTRUDA plus chemotherapy reduced risk of disease progression or death by 46% in patients whose cancer was mismatch repair proficient (pMMR) and by 70% in patients whose cancer was mismatch repair deficient (dMMR), compared to chemotherapy alone

Results from Phase 3 NRG-GY018 trial to be presented at Society of Gynecologic Oncology (SGO) 2023 Annual Meeting and published simultaneously in New England Journal of Medicine

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

BRODSKY & SMITH SHAREHOLDER UPDATE: Notifying Investors of the Following Investigations: Oak Street Health , Seagen Inc. , Provention Bio Inc. , Kimball International, Inc.

Brodsky & Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky ( jbrodsky@brodskysmith.com ) or Marc Ackerman ( mackerman@brodskysmith.com ) at 855-576-4847. There is no cost or financial obligation to you.

Oak Street Health (NYSE – OSH)

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Amplifying the Power of Women in Chemistry

Merck & Co., Inc

Merck & Co., Inc., Wednesday, March 22, 2023, Press release picture

For Dr. Rebecca Ruck, having more women in science is personal. She remembers times early in her career when she was the only woman in the room. That's why she co-founded the Merck Research Award, given annually by the Women Chemists Committee (WCC) of the American Chemical Society, to recognize and mentor talented women scientists in their third and fourth year of graduate school with a research focus in one or more chemistry-related disciplines.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Pfizer Invites Public to View and Listen to Webcast of May 2 Conference Call with Analysts

Pfizer Inc. (NYSE: PFE) invites investors and the general public to view and listen to a webcast of a conference call with investment analysts at 10 a.m. EDT on Tuesday, May 2, 2023. The purpose of the call is to provide an update on Pfizer's results, as reflected in the company's First Quarter 2023 Performance Report, to be issued that morning.

To view and listen to the webcast and view the Performance Report, visit our web site at www.pfizer.com/investors . Information on accessing and registering for the webcast will be available at www.pfizer.com/investors beginning today. Participants are advised to register in advance of the conference call.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×