Therapix Raises $1.5 Million in Debentures, with Possible $1 Million More
Tell Aviv-based Therapix Biosciences Ltd. (NASDAQ: TRPX) a clinical-stage pharmaceutical company developing cannabinoid-based treatments, has entered into a private placement purchase agreement with YA II PN Ltd., a fund managed by Yorkville Advisors Global, for up to $2.5 million in unsecured convertible debentures. Interest on the Debentures is 5% per year.The first $1.5 million was issued November 23, 2018. The investor will receive 9,171 ADSs of Therapix as a commitment fee. Therapix will use the proceeds to continue its development programs.
Two other tranches of $500,000 each will be purchased by the Investor conditional on certain criteria.
Therapix will pay additional commitment fees for them. The outstanding principal will be convertible into ADSs at the lower of $7.00 or 95% of the lowest daily VWAP during the 5 consecutive trading days.
Upon the acquisition of Therapix by FSD Pharma Inc., the debentures will automatically convert into shares of FSD Pharma Inc. as if the Debentures had previously been converted into ADSs at $7.00 per ADS. The Investor has agreed to vote all ordinary shares in favor of the acquisition by FSD Pharma Inc.
Therapix Biosciences Ltd. is a clinical-stage pharmaceutical company. Its focus is creating a portfolio of cannabinoid pharmaceuticals. It is currently engaged in drug development programs based on repurposing an FDA-approved cannabinoid (Dronabinol) as follows:
-THX-110 for treatment of Tourette syndrome (TS), Obstructive Sleep Apnea (OSA), and Pain;
-THX-130 for the treatment of Mild Cognitive Impairment (MCI) and Traumatic Brain Injury (TBI);
-THX-150 for the treatment of infectious diseases;
-THX-160 for the treatment of pain.
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Therapix Raises $1.5 Million in Debentures, with Possible $1 Million More
