Tetra Bio-Pharma Inc. (TSX-Venture:TBP) caused investors to sit up and take notice Tuesday morning, on word the company has found a partner for much of its stock.
The Ottawa-area firm – claiming to be "a leader in cannabinoid-based drug discovery and development"—has approached the shareholders of Panag Pharma Inc. to buy the latter’s issued and outstanding shares.
Panag is a Canadian-based life sciences company focused on the development of novel cannabinoid-based formulations for the treatment of pain and inflammation.
Tetra CEO Guy Chamberland said, "We have been working with Panag for over a year and as a combined entity we will have a robust product pipeline of cannabinoid derived drugs for development as prescription or OTC drugs."
Chamberland continued, "Tetra is not just acquiring assets and intellectual property; we are joining a group of world-renowned cannabinoid experts that will help take Tetra to the next level as a pharmaceutical company."
Panag will remain a separate subsidiary owned 100% by Tetra and will provide Tetra with additional discovery and early phase drug development capacity.
As for Tetra shares, they acquired a penny, or 1%, to $1.05, on a volume of 548,000
