Each Unit will be priced at
In the event that the daily VWAP over any twenty (20) consecutive trading days is greater or equal to
Net proceeds of the Offering will be used to fund the following ongoing value creation activities: 1) Securing FDA's approval to start our US Human Trial on ORTHO-R for rotator cuff tear repair, 2) Manufacturing GMP Clinical Trial material for Ortho-R, 3) Completing US Clinical trial investigation sites selection, setting, and training, 4) Starting US clinical trial patients enrolment activities, 5) Secure US exchange listing for Ortho RTI's shares, and 6) General and administrative corporate purposes.
The Common Shares and the Warrants will be subject to a statutory 4-months hold period under the applicable securities laws and in such case the certificates evidencing the Shares and the Warrants will bear a legend to that effect, as applicable. The closing is conditional on securing minimum gross proceeds of
Closing of the Private Placement is expected to occur on or about
The Units will be offered and sold by private placement (i) in
Although the Offering is non-brokered, the Company will pay finders' fee of 7 % of the gross proceeds raised from
The Company also announces the issuance of 245,000 stock options to its Chief Executive Officer. The stock options have an exercise price of
Furthermore, the Company issued 2 million warrants with an exercise price of
About
Ortho RTI is an emerging orthobiologics company dedicated to the development of novel therapeutic soft tissue repair technologies to dramatically improve the success rate of orthopedic and sports medicine surgeries. Our proprietary RESTORE technology platform is a muco-adhesive CHITOSAN based biopolymer matrix, specifically designed to deliver biologics such as Platelet-Rich Plasma (PRP) or Bone Marrow Aspirate Concentrate (BMAC), to augment and guide the regeneration of new tissue in various musculoskeletal conditions. Ortho-R, our lead Chitosan-PRP hybrid biologic implant product, is formulated and designed to increase the healing rates of occupational and sports related injuries to tendons, meniscus and ligaments. Other formulations are being developed for cartilage repair, bone void filling and osteoarthritis treatment. The Chitosan-PRP combination ORTHO-R implant can be directly applied into the site of injury by a surgeon during a routine operative procedure without significantly extending the time of the surgery and without further intervention. An Ortho-R Rotator Cuff Tear Repair US pilot clinical trial is being prepared and coordinated. In parallel, an IDE FDA submission is planned for Q3 2020. Considering the significant potential of our technology platform, Ortho RTI continues to assess new therapeutic target uses outside of the soft tissue repair field. Further information about Ortho RTI is available on the Company's website at www.orthorti.com and on SEDAR at www.sedar.com. Also follow us on LinkedIn and Twitter.
Forward-Looking Statements
This news release may contain certain forward-looking statements regarding the Company's expectations for future events. Such expectations are based on certain assumptions that are founded on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could cause actual results to differ include, amongst others, uncertainty as to the final result and other risks. The Company disclaims any intention or obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, other than as required by security laws.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE
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