BetterLife Pharma Secures CAD $2 Million in New Capital to Complete BETR-001 FDA IND Filing
Rhea-AI Summary
BetterLife Pharma (OTCQB: BETRF) closed a CAD $2,000,000 convertible debenture to fund remaining FDA IND-enabling work for lead compound BETR-001, focused on neurological pain, including cluster headache and migraine.
The debenture bears 10% interest, matures June 1, 2027, and is convertible at CAD $0.06 per unit with attached warrants.
Positive
- Closed CAD $2,000,000 convertible debenture financing
- Financing supports completion of remaining IND-enabling work for BETR-001
- 10% debenture maturing June 1, 2027 provides defined funding horizon
- Conversion price set at CAD $0.06 with CAD $0.10 warrants for three years
- Insider subscribed for CAD $2,000,000, subject to 19.9% ownership cap
Negative
- Debenture carries 10% annual interest expense until June 1, 2027
- Conversion at CAD $0.06 plus CAD $0.10 warrants may dilute shareholders
- Related party transaction may raise governance and alignment considerations
- Issuance of 100,000 shares for services adds incremental dilution
- Grant of 3,250,000 options at $0.065 over 24 months increases potential dilution
News Market Reaction – BETRF
On the day this news was published, BETRF gained 18.20%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - June 22, 2026) - BetterLife Pharma Inc. (CSE: BETR) (OTCQB: BETRF) (FSE: NPAU) ("BetterLife" or the "Company") today announced it has closed a CAD
The Financing is the first capital deployed since the Company appointed Doug Drysdale as Executive Chairman and Director on May 13, 2026. Mr. Drysdale, formerly CEO of Cybin Inc., led that company from molecule inception to Phase 3 trials in three years, and previously built Alvogen, Inc. and led turnarounds at Pernix Therapeutics and Tedor Pharma over a 35-year operating career.
The Financing. The Debenture carries interest of
Use of proceeds. Net proceeds will support completion of remaining IND-enabling activities for BETR-001 and general working capital as the Company progresses toward an Investigational New Drug filing.
Pipeline. BETR-001 is a non-hallucinogenic, second-generation LSD-derivative molecule. BetterLife holds a USPTO composition-of-matter patent on BETR-001, has completed its FDA pre-IND meeting, and has completed most required IND-enabling studies. The Company is concentrating near-term development on neurological pain, with an initial emphasis on cluster headache and migraine.
"This capital keeps BETR-001 moving toward the clinic. Our plan is straightforward. Focus the program on a defined set of neurological pain indications, complete the IND-enabling work, and file. I have built and run programs that reach the clinic on tight timelines, and that is the discipline we are bringing here," said Doug Drysdale, Executive Chairman of BetterLife.
"This financing strengthens our balance sheet and lets us keep BETR-001 moving without distraction. With strengthened leadership and the focus to drive the program toward an IND filing, we are concentrating our efforts where the science and the unmet need are clearest. We are grateful for the continued support of our shareholders," said Dr. Ahmad Doroudian, Chief Executive Officer of BetterLife.
A director and insider of the Company (the "Related Party") subscribed for
All securities issued in connection with the Financing is subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws.
The Company also announces it has issued 100,000 common shares for services provided by a corporate advisor. The Company also granted 3,250,000 stock options to officers, with exercise price of
About BetterLife Pharma
BetterLife Pharma Inc. is a biotechnology company developing compounds for the treatment of neurological and neuro-psychiatric disorders. Its lead candidate, BETR-001, is a non-hallucinogenic LSD-derivative molecule in preclinical development.
For further information, please visit BetterLife Pharma.
Contact
Ahmad Doroudian, Chief Executive Officer
Email: Ahmad.Doroudian@blifepharma.com
Phone: 1-604-221-0595
Cautionary Note Regarding Forward-Looking Statements
No securities exchange has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release. This news release may contain forward-looking statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements regarding use of proceeds of the Debenture and the Company's development plans. These statements reflect current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, including risks relating to financing, clinical and regulatory timelines and the Company's ability to continue as a going concern. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release. Additional risk factors are described in the Company's filings at www.sedarplus.ca. The Company undertakes no obligation to update these statements except as required by law.
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