It will act as the firm's corporate finance adviser, in particular related to developing a financial strategy to restructure its current debt facilities and to act as lead adviser for possible future debt and equity financings.
"We chose to partner with the Maxim Group because of their successful track record as a respected, full-service investment banking firm and look forward to their advice and guidance with respect to our important strategic decisions," said Gary A. Thompson, president and chief executive officer of M Pharma.
"Their health care team will be an invaluable partner in the execution of our growth strategy."
The agreement began on April 1 this year and Maxim will receive on the first day of each month of the six-month term US$7,500.
The agreement also entitles Maxim to specific success-based compensation, along with 4.5 million M Pharma shares.
M Pharmaceutical is a clinical-stage company developing innovative technologies for obesity and weight management.
It has two potential blockbuster products: a side-effect-free version of the best-selling slimming product orlistat (probably better known to consumers as Xenical) and a female sexual dysfunction (FSD) remedy.
Add to that an infertility treatment and a handful of other revenue-generating products and you have a diversified healthcare business with significant blue-sky potential.
It is scheduled to launch its FDA -cleared fertility product branded as 'ToConceive' some time in the second quarter of 2017, it said.