PharmaDrug Inc. Completes Private Placement to Bolster Corporate Initiatives

LOS ANGELES- a specialty pharmaceutical company, announce the successful completion of its previously disclosed non-brokered private placement, raising total gross proceeds of $326,000.

In this offering, the company issued 6,520,000 units at a purchase price of $0.05 per unit, resulting in aggregate gross proceeds of up to $326,000. Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each full warrant entitles the holder to acquire an additional common share at an exercise price of $0.10 until February 8, 2026.

The proceeds from this private placement will be allocated towards general corporate purposes, supporting the company’s ongoing operations and strategic initiatives.

The securities issued in connection with the offering are subject to a four-month and one-day hold period, expiring on June 9, 2024.

PharmaDrug Inc. is a specialty pharmaceutical company focused on the research, development, and commercialization of controlled substances and natural medicines, including psychedelics and previously approved drugs. The company holds a 51% stake in Sairiyo Therapeutics, a biotech company dedicated to researching and reformulating established natural medicines for clinical trials and regulatory approval in the US and Europe. Sairiyo is currently advancing its patented reformulation of cepharanthine, a drug with significant potential for treating infectious diseases and rare cancers. Additionally, PharmaDrug fully owns SecureDose Synthetics Inc., a pharmaceutical research and development firm specializing in the development of synthetic formulations of existing drugs for potential commercialization and distribution.