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Innocan Pharma Completes a Milestone Investment Round

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Benjamin Hughes

March 15, 2024 - 00:36 am

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InnoCan Pharma Announces Completion of Promising Investment Round

HERZLIYA, Israel and CALGARY, Alberta, March 14, 2024 /PRNewswire/ -- In a significant financial development, Innocan Pharma Corporation, henceforth referred to as "the Company," is excited to communicate the successful closure of their previously proclaimed non-brokered private placement offering "the Offering." The company has reportedly issued a substantial 7,952,840 Units at a price of $0.25 per Unit, labeled as "the Offering Price," culminating in an impressive aggregate gross revenue of approximately $1,988,210.

Each Unit woven into this financial arrangement constitutes of a common share in the Company, known as a "Common Share," along with one common share purchase warrant of the Company, termed a "Warrant." The terms of the Warrant purport that holders are positioned to purchase a Common Share at an exercise price of $0.32 during a four-year period following the date of their issuance.

Iris Bincovich, the esteemed CEO of Innocan Pharma, articulated her gratitude towards the investors who have once more bestowed their trust in the Company’s proprietary CBD-loaded liposome platform technology (LPT), and the consumer wellness endeavors led by an extraordinary team. Bincovich expresses that this successful capital influx serves as a testament to the credibility and faith the investment sphere harbors towards Innocan’s future endeavors. The Company envisions harnessing these funds to further their LPT developments in pursuit of the stringent approval process dictated by the United States Food and Drug Administration (FDA), for both human and veterinary pharmaceutical applications.

The raised funds from the Offering are tactically earmarked for enhancement of the Company's working capital as well as to fortify its general corporate purposes. The dedication to apply these financial resources earnestly reflects the Company's commitment to growth and stability.

It is, however, pertinent to state that this news release is not a clarion call for sales or an enticement to purchase securities in any context where such actions may be deemed illicit, including restrictions within the United States of America. The securities discussed are not endorsed under the United States Securities Act of 1933, as amended, known as the "1933 Act," nor any state securities laws. As such, they may not be offered, sold, or otherwise transferred within the United States or to U.S. Persons as outlined in Regulation S under the 1933 Act, absent registration or an exemption from such registration prerequisites.

A further declaration by the Company highlights the granting of an aggregate of 7,140,483 restricted share units (RSUs) to its directors and officers. These RSUs are vested in such a way that each entitles the holder to one Common Share upon their vesting date. Specifically, 3,807,150 RSUs are to vest on March 14, 2024, while the remaining 3,333,333 are scheduled to vest in three tranches: a third on March 14, a third on September 14, 2024, and the final third on March 14, 2025. All RSUs and the particularly aligned Common Shares will adhere to a statutory hold period concluding on July 15, 2024.

A Glimpse into Innocan Pharma's Endeavors

Innocan Pharma carries out its operations in two pivotal limbs: Pharmaceuticals and Consumer Wellness. The Pharmaceuticals division is focused distinctly on pioneering drug delivery platform technologies amalgamated with cannabinoid science to positively impact and enhance patient quality of life. This division encompasses two vital drug delivery technologies:

  1. The LPT CBD-loaded liposome platform, serving to enable precise dosing and managed, prolonged discharge of CBD into the bloodstream. The wares from this platform are currently in the experimental trial phase, engaged in the study of Epilepsy and Pain Management.

  2. The CLX CBD-loaded exosomes platform, which is hypothesized could yield a synergistic blend of regenerative and anti-inflammatory effects with a particular focus on the Central Nervous System (CNS).

In the Consumer Wellness wing, Innocan is pioneering the development and commercialization of a broad selection of avant-garde and high-performance self-care products that pledge to cultivate a more health-conscious lifestyle. Under this ambit falls an inventive Joint Venture – BI Sky Global Ltd, which is intensive in developing targeted online sales to propel the segment forward.

For an in-depth exploration of Innocan Pharma and its groundbreaking developments, interested parties are directed to visit the website at InnoCan Pharma.

For further enquiries, communication is actively channeled through Iris Bincovich, the CEO, who can be reached via the following contact details:

  • Direct Contact Number: +1-516-210-4025
  • Alternative Contact Number: +972-54-3012842
  • Additional Contact Number: +44-20-37699377
  • Email Address: [email protected]

Regulatory Compliance and Forward-Looking Information

The credibility and adequacy of this release, though not reviewed by the Canadian Securities Exchange nor its regulation services provider, remains unchallenged by Innocan Pharma Corporation.

A preamble is necessary to underline the nature of certain statements within this release. Coined as "forward-looking information," these stipulations comply with applicable Canadian securities laws. It's paramount to digest the forward-looking nature of such statements, which ambitiously sketch the use of proceeds from the Offering and project the FDA approval trajectory of the Company's human pharmaceutical LPT applications.

Such forward-looking statements are typically detectable through language such as "expects," "plans," “anticipates,” “intends,” "forecasts," and other similar expressions. Moreover, they are contingent on specific events or developments that the Company hopes to come to fruition. Nonetheless, it is crucial to acknowledge that forward-looking statements are inherently laced with uncertainties and risks, many of which are well-documented within periodic filings made by the Company to Canadian securities regulators. Consequently, these risks could cause future results to diverge significantly from present projections.

This statement of caution extends to the advisement that these forward-looking statements and information might not be pinpoint accurate due to the potential variance of future events from currently anticipated scenarios. Thus, the readers are cautioned not to place undue reliance on these forward-looking statements or the information provided. The Company dutifully informs of no commitment to update these statements, except as stringently demanded by law.

Further clarifications and insights regarding Innocan Pharma and its business operations, inclusive of associated risks and hurdles, are available through the Company's filings at the regulatory archive www.sedarplus.ca.

The provision of these forecasts does not serve as an assurance that the forward-looking statements will crystallize as predicted. On the contrary, there is an explicit acceptance that these projections could differ materially from actual forthcoming results. Therefore, Innocan Pharma Corporation disclaims any intent or obligation to revise or update these forward-looking declarations of positional shifts, absent legislative imperatives.

In the final analysis, Innocan Pharma Corporation stands committed to transparency and regulatory adherence. The company looks forward to navigating the complexities of FDA approval processes and emerging as a key player in the pharmaceutical tech industry, benefiting patients and investors alike.

SOURCE: Innocan Pharma Corporation