DMTTF - Small Pharma Reports Fiscal Second Quarter 2024 Highlights | Benzinga
• Shareholders overwhelmingly vote in favour of Cybin's acquisition of Small Pharma, supporting the combined company's vision to build an international clinical-stage leader in psychedelic-based therapeutics
LONDON, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Small Pharma Inc. (TSXV:DMT) (OTCQB:DMTTF) (the "Company" or "Small Pharma"), a biotechnology company focused on short-duration psychedelic-assisted therapies for mental health conditions today published its financial results for the fiscal second quarter ended August 31, 2023. A complete copy of the results and the corresponding management's discussion and analysis can be found under the Company's profile on SEDAR+ at www.sedarplus.ca. Unless otherwise indicated, all currency references are in Canadian dollars.
Financial Highlights (including post-period events):
- Cash on hand as of August 31, 2023 was approximately $7.7 million.
- Cash used in operating activities was $5.6 million for the three months ended August 31, 2023.
- Operating expenses for the three months ended August 31, 2023 were $6.1 million.
Recent Business Highlights:
Shareholders Overwhelmingly Vote In Favour Of Cybin's Acquisition of Small Pharma
On August 28, 2023 Small Pharma and Cybin Inc. ("Cybin") entered into a definitive arrangement agreement pursuant to which Cybin has agreed to acquire all of Small Pharma's issued and outstanding securities in an all-share transaction pursuant to a plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement"). On October 12, 2023, holders ("Small Pharma Shareholders") of common shares in the capital of Small Pharma ("Small Pharma Shares") and holders of common shares in the capital of Cybin ("Cybin Shareholders") each separately overwhelmingly voted in favour of the Arrangement. Under the terms of the Arrangement, Small Pharma Shareholders will receive 0.2409 of a common share in the capital of Cybin for each Small Pharma Share held.
On October 17, 2023, the Company obtained a final order from the British Columbia Supreme Court in connection with the Arrangement (the "Final Order").
For additional information on the mechanics of the Arrangement, including the treatment of holders of options exercisable into Small Pharma Shares, please refer to the Company's management information circular dated September 13, 2023, as well as the Company's press releases dated August 28, 2023, October 12, 2023 and October 17, 2023. Subject to the satisfaction or waiver of other closing conditions, including the final acceptance of the TSXV, the effective date for the Arrangement is expected to occur on or about October 23, 2023.
The combined company will be led by Cybin's Chief Executive Officer Doug Drysdale, who brings over 30 years of experience ...