SASKATOON, Saskatchewan--(BUSINESS WIRE)--CanniMed Therapeutics Inc. (TSX:CMED) (“CMED” or the “Company”), a leading plant biopharmaceutical company specializing in the production of pharmaceutical-grade cannabis, announced today that the underwriters for CMED’s initial public offering (the “Offering”) have exercised their over-allotment option (the “Over-Allotment Option”) to purchase an additional 750,000 common shares of CMED at a price of $12.00 per common share (the “Optional Shares”). The sale of the Optional Shares increases the gross proceeds of the Offering by $9,000,000, resulting in aggregate gross proceeds to CMED of $69,000,000.
The Offering was made through a syndicate of underwriters led by AltaCorp Capital Inc. and including Canaccord Genuity Corp., Clarus Securities Inc., Mackie Research Capital Corporation and Haywood Securities Inc.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The common shares have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States, absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any common shares in the United States, or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
About CanniMed Therapeutics Inc.
The Company is a Canadian-based, international plant biopharmaceutical company and a leader in the Canadian medical cannabis industry, with 15 years of pharmaceutical cannabis cultivation experience, state-of-the-art, GMP-compliant production process, including 281 points of quality control, and world class research and development platforms with a wide range of pharmaceutical-grade cannabis products. In addition, the Company has an active plant biotechnology research and product development program focused on the production of plant-based materials for pharmaceutical, agricultural and environmental applications.
CanniMed Ltd., a wholly-owned subsidiary of the Company, was the first producer to be licensed under the Marihuana for Medical Purposes Regulations, the predecessor to the current Access to Cannabis for Medical Purposes Regulations.
Prairie Plant Systems Inc., a wholly-owned subsidiary of the Company, was the sole supplier to Health Canada under the former medical marijuana system for 13 years, and has been producing safe and consistent medical marijuana for thousands of Canadian patients, with no incident of diversion.
Forward Looking Statement
This press release contains “forward-looking information” within the meaning of Canadian securities laws, which may include, but are not limited to statements relating to the future growth of the Company’s business. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those set out in the final prospectus dated December 21, 2016 and the risk that the Company’s expected growth will not be achieved. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.