logo-loader

M Pharmaceutical to raise C$2mln through convertible

Last updated: 10:27 26 Aug 2016 EDT, First published: 05:27 26 Aug 2016 EDT

picture of person watching training video
Weight loss is a US$190bn market

Weight loss drug developer M Pharmaceutical Inc (CNSX:MQ) plans to raise C$2mln through an issue of  convertible debentures.

The money will used to test and manufacture its reformulated version of Orlistat and to start the regulatory approval process.

The debentures will have a coupon of 10% and be convertible after three years into at a conversion price of 7.5c per share.

The interest is being pre-paid by prepaid an issue of units at 8c consisting of one common share and a warrant over one share.

Orlistat is the best-selling weight loss medication of all time with peak sales over US$900mln in 2007 but socially unacceptable side effects have reduced sales to decline to about US$200mln in recent years.

Rush Rare Metals Advances Two Key Projects: Uranium in Wyoming and Niobium...

Rush Rare Metals CEO Peter Smith joined Steve Darling from Proactive to share news about the mineral exploration company's focus on its Boxi Property in Quebec and the Copper Mountain Project in Wyoming. The company recently announced the staking of the Knob claims in Wyoming, comprising 52...

30 minutes ago