Cannvalate has entered into an agreement with Tetra Bio-Pharma to conduct clinical trials of the Canadian firm’s cannabinoid drug candidates in Australia through its wholly owned clinical research organisation Ingenu.
As part of the deal, co-founder and CEO Dr Sud Agarwal will act as a special advisor to Tetra’s CEO and board of directors. Cannvalate will also acquire common shares in Tetra on a private placement basis, through seven distinct tranches, for aggregate proceeds of C$7.5m.
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