NEW YORK, February 1, 2018 /PRNewswire/ —
Q BioMed Inc. (OTCQB: QBIO), a commercial stage biotechnology acceleration development company, is pleased to announce the closing of its previously announced public offering of an aggregate of 1,711,875 units consisting of one common and share and one warrant at a public offering price of $3.20 per unit for gross proceeds of $5.48 million.
Roth Capital Partners acted as lead placement agent and CIM Securities acted as co-lead placement agent for the offering.
The proceeds from the offering provide Q BioMed the required capital to execute on the launch of its non-opioid FDA approved Strontium Chloride 89 USP Injection (SR89), a therapeutic drug for the treatment of skeletal pain associated with metastatic cancers. In addition, the company will focus on the clinical planning and IND filing for a Phase 4 post-marketing study to expand the indication of the approved SR89, labeling it as chemotherapeutic (a cancer therapy) for skeletal metastases, significantly improving the revenue potential for the drug.
Additionally, this raise allows us to complete pre-IND studies and the filing of an IND for a pivotal phase ll/lll clinical program to test the efficacy of QBM-001. QBM-001 is a pro-drug for the treatment of young children with a rare autistic spectrum disorder that severely inhibits their ability to communicate. There are currently no therapeutic options for this desperate patient population of approximately 50,000 annually diagnosed children every year. This important trial could provide a desperately needed treatment to ameliorate the condition and other related modalities that cost the healthcare system $10 million per patient lifetime. As a result, it represents a very significant multi-billion dollar opportunity.
We will also continue development work on our novel chemotherapeutic drug for liver cancer, a condition with very few therapeutic alternatives; as well as completion of optimization and pre-clinical testing of the first-in-class glaucoma drug Man-01 for the treatment of open angle glaucoma, a disease affecting more than 60,000,000 people around the world.
Denis Corin, Q BioMed Inc. CEO said, “This capital sets up a catalyst-rich year for us. We look forward to a productive year ahead as we start to meet the milestones and goals we set ourselves from the founding of the company in 2015.”
Q Biomed is a commercial stage biomedical acceleration and development company. We spent our first two years building a valuable portfolio of assets that we