Tetra Bio-Pharma, which trades on the Toronto Stock Exchange and the OCTQB exchange in the U.S., said last week it’s agreed to issue up to $6 million worth of unsecured debentures and stock purchase warrants to London-based investment firm Alpha Blue Ocean Group.
The offering is expected to occur in 15 tranches for total net proceeds of about $5.4 million.
Chief commercial officer Steeve Neron said the deal should provide enough cash to keep the company afloat for the next 14 to 15 months as it awaits the green light from Health Canada to sell one of its key products – a gel capsule used to treat chemotherapy-induced nausea and vomiting in cancer patients and weight loss and severe nausea in patients with HIV infections.
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