Tetra Bio-Pharma announced the completion of the remaining 20 percent interest in its PhytoPain Pharma subsidiary.
As quoted in the press release:
“The Transaction is an important milestone for Tetra Bio-Pharma and all our stakeholders,” said Bernard Fortier, Tetra’s CEO. “It allows Tetra to gain 100 [percent] control of PhytoPain Pharma, a key asset in the development of our pipeline of cannabinoid-based drugs and gives Tetra full flexibility to enter into other partnerships or agreements in the future.”
The purchase price for the Transaction was comprised of a combination of cash, promissory notes and common shares of Tetra, some of which will be released to the Sellers upon the achievement of key milestones. The terms of the Transaction are detailed in the Corporation’s news release dated January 2, 2018 which is available on SEDAR under the Corporation’s profile. The Corporation used $500,000 out of the proceeds from the recently completed bought deal offering to repay a portion of the principal amount owing to the Sellers under the promissory notes.