Net proceeds will be used to continue the development of the company’s PAS-403 and PAS-393 patented molecules for development of cancer therapeutics prior to commencing clinical trials and for general working capital.
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I’m Ebony North for Investmentpitch Media
Pascal Biosciences, a biotechnology company, has announced a non-brokered private placement.
The company is looking to raise gross proceeds of up to $900,000 from the placement of up to 9 million units priced at $0.10 per unit.
The units consist of 1 share and 1 warrant, with each warrant exercisable at $0.15 for 24 months, subject to an acceleration clause.
Net proceeds will be used to continue the development of the company’s PAS-403 and PAS-393 patented molecules for development of cancer therapeutics prior to commencing clinical trials and for general working capital.
The shares are currently trading at $0.095.
Pascal is advancing innovative therapies for serious diseases.
PAS-403, a cannabinoid-based product, is undergoing development for the treatment of glioblastoma and brain metastases originating from other cancers.
According to the National Brain Tumor Society, glioblastoma strikes about 15,000 patients each year in North America with a median survival rate of 12 to 17 months
PAS-393, an immunostimulatory cannabinoid to be used in combination with checkpoint inhibitor therapy to treat multiple cancers, is being developed collaboratively with SoRSE Technology.
Checkpoint inhibitors are recently approved drugs that activate the immune system to kill tumor cells.
PAS-393 also shows promise for treating COVID-19.
In 2021, Pascal was awarded an R21 grant of $321,406 from the National Cancer Institute of the US National Institutes of Health.
The award acknowledges the potential of Pascal’s novel leukemia antibodies and the research plans detailed in the grant application titled “Eliminating B Cell Precursor Acute Lymphoblastic Leukemia by Targeting the Uniquely Specific Pre-B Cell Receptor”.
The grant covers both research and administrative costs for the program over a period of two years, funding experiments to validate a lead pre-BCR antibody-drug conjugate for advancement into clinical development.
More than 6000 patients are diagnosed with Acute Lymphoblastic Leukemia each year in the US and Canada, with about half of these patients children, which makes this leukemia the most common type of childhood leukemia.
Rob Gietl was recently appointed President and CEO, taking over from Dr. Patrick Gray who became Chairman.
Mr. Gietl has extensive experience leading several public companies in Canada, with an excellent record of effectively executing business plans, creating successful partnerships, and leveraging financial resources.
Rob Gietl, President and CEO, stated: "Pascal is a dynamic company on the verge of attaining fantastic milestones in the biotechnology industry, and I'm excited to provide the direction to reach these goals. Pascal already has a corporate partnership with SoRSE Technology for their PAS-393 program, and an NIH grant for their leukemia program. We will grow Pascal in a manner most valuable to shareholders, and we expect to be a premier force in the biotechnology industry."
Dr. Patrick Gray, Chairman, added: "Rob's exceptional background in operations and raising capital perfectly complements Pascal's super research and development capabilities."
For more information, please visit the company’s website at www.PascalBiosciences.com, contact Rob Gietl, President and CEO, at 206-221-3443 or by email at invest@PascalBiosciences.com.
I’m Ebony North for Investmentpitch Media
