Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, today announces that the TSX Venture Exchange has accepted the Company’s application for its normal course issuer bid for up to five million common 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 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.
“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.”
George Tziras, Chief Executive Officer of Small Pharma
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 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.
About DMT
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.