Q BioMed Inc (OTCMKTS:QBIO) has finalized a definitive deal with Yorkville Advisors Global for up to $4 million of convertible debentures. They have completed the preliminary tranche of $1.5 million and project to close on the pending balance the operative registration of the underlying shares.
The Yorkville debentures conversion shall be at the lower of a 7% discount to market or $4, with a floor price of $2. Denis Corin, the CEO of Q BioMed, said that they are extremely delighted to associate with Yorkville at this very thrilling time in their evolution. Having a revenue prepared drug with the capital to implement on the production, manufacturing and release of the drug offers a real catalyst for company. Besides the near term revenue, they see considerable upside in both the cure of metastatic bone cancer with their Strontium Chloride 89 radiopharmaceutical and the continued advancement of the Man-01 glaucoma drug.
SR89 is indicated for the cure of pain linked with metastatic bone cancer. The basic radiopharmaceutical offers long lasting relief for people suffering from debilitating bone pain because of metastatic cancer, usually caused by advanced-stage breast, lung or prostate cancer. It has been validated to offer a long-term effect driving in non-narcotic cancer pain release and improved quality of life.
There are around 350,000 cases of subjects living with bone metastases in the United States alone. An additional 380,000 diagnoses of people with lung and breast cancer per year and nearly 1 in 3 of those will get bone metastases. Almost 80% of subjects utilizing SR89 have reported witnessing a considerable decline in pain, a jump in physical activity and a decline in the need for opiate analgesics, like morphine. This shows a very large market and an opportunity to drive in a much needed and an effective product to numerous patients in need.
In the last trading session, the stock price of Q BioMed surged over 2% to close at $4.47.