LONDON, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF) (the “Company” or “Small Pharma”), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, today announces that the TSX Venture Exchange (the “TSXV”) has accepted the Company’s application for its normal course issuer bid (the “NCIB”) for up to five million common shares (“Shares”) in the capital of the Company, representing 1.55% of the issued and outstanding Shares, over a 12-month period.
The NCIB is expected to commence on August 19, 2022 and continue until August 18, 2023 (the “Termination Date”) or earlier in the event that the Company has acquired the maximum number of Shares that it may purchase under the NCIB or if the Company determines that it is appropriate to terminate the NCIB prior to the Termination Date. The actual number of Shares that will be purchased under the NCIB, if any, and the timing of such purchases will be determined by the Company from time to time. All purchases made pursuant to the NCIB will be made through the facilities of the TSXV in open market transactions or by such other means as may be permitted under applicable securities laws and the policies of the TSXV. All Shares purchased under the NCIB will be cancelled.
The Company has engaged Eight Capital as the broker through which the Company will conduct purchases under the NCIB pursuant to the policies of the TSXV. The price that the Company will pay for the Shares purchased under the NCIB, if any, will be the market price of such Shares at the time of the applicable purchases.
George Tziras, Chief Executive Officer of Small Pharma, commented: “We believe that the current market price of our common shares does not adequately reflect their value. The Company takes a prudent and responsible approach to the preservation of cash and we believe that the purchase of common shares under the NCIB will be in the best interests of the Company and will enhance shareholder value.”
To the knowledge of the Company, no director, senior officer or other insider of the Company currently intends to sell any Shares under the NCIB.
About Small Pharma
Small Pharma is a biotechnology company progressing a pipeline of short-acting psychedelics with therapy for the treatment of mental health conditions, with a current focus on depression. Small Pharma initiated a clinical program into N,N-dimethyltryptamine (“DMT”) assisted psychotherapy in February 2021. This program includes a Phase I/IIa trial on the Company’s lead candidate alongside the development of a pipeline of proprietary preclinical assets.
DMT is a naturally occurring psychedelic tryptamine found in plants and in the brain of mammals. Scientific evidence suggests DMT offers the potential for rapid-acting and long-lasting antidepressant effects. DMT is differentiated by its short psychedelic experience (< 30 mins), which allows for short treatment sessions and offers the potential for convenient supervised treatments within patient clinics.
For further information contact:
Small Pharma Inc.
George Tziras, Chief Executive Officer
Tel: +1 (646) 751-4363
Investor Relations Contacts:
Tel: +1 (646) 889-1200
KCSA Strategic Communications
Tel: +1 (347) 487-6181
Media Relations Contacts:
USA - McKenna Miller
KCSA Strategic Communications
Tel: +1 (949) 949-6585
Rest of World - Jaber Mohamed
Tel: +44 (0)7720 326 847
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding the price and number of Shares that may be purchased under the NCIB.
In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting the Company’s business and results of operations; the impact of COVID-19; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
Small Pharma makes no medical, treatment or health benefit claims about its proposed products. The U.K. Medicines and Healthcare products Regulatory Agency (“MHRA”) or other similar regulatory authorities have not evaluated claims regarding DMT-assisted therapies and other next generation psychoactive compounds. The efficacy of such therapies has not been confirmed by MHRA-approved research. There is no assurance that such DMT-assisted therapies and other psychoactive compounds can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. Any references to quality, consistency, efficacy and safety of potential therapies do not imply that Small Pharma verified such in clinical trials or that Small Pharma will complete such trials. If Small Pharma cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Small Pharma’s performance and operations.
The TSXV has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.