It has been one busy month for the press release writer at Tetra Bio-Pharma Inc. (TSX-V:TBP)(OTCQB:TBPMF), with the Ottawa-based biopharma putting on news on six developments already, covering the full spectrum of business development.
The company has raised capital, entered the medical cannabis market in Europe and received an Orphan Drug designation from the U.S. Food and Drug Administration for its experimental drug PPP001 (delta-9-tetrahydrocannabinol 9.5% and cannabidiol 2.5%) for the treatment of complex regional pain syndrome.
On Monday morning, Tetra said that it completed the acquisition of the remaining 20 percent of its subsidiary PhytoPain Pharma Inc. that it didn't already own. The final part of the company was held by entities controlled by Tetra's Chairman, André Rancourt, and Guy Chamberland, CSO at Tetra.
The buyout was first disclosed early in January, with Tetra agreeing to pay $12.43 million in cash, stock and a promissory note. Per the deal, Tetra paid the executives $248,000 in cash, 9.94 million shares of stock and $2.24 million in notes payable only upon certain milestones being met.
Tetra's Chief Executive Bernard Fortier described total ownership as key for the company for development of cannabinoid-based drugs with full flexibility to enter partnerships and other agreements down the road.
Investors didn't take the news with quite the enthusiasm as Fortier, as measured by shares of TBP closing down six cents in Toronto at $0.96 for a loss of 5.88% to start the week. Shares are still up 9.1% during March so far, but well off the all-time high at $1.75 set in January
