CLEVELAND, Sept. 02, 2021 (GLOBE NEWSWIRE) — Vitality Biopharma, Inc. (OTC Mkts: VBIO) (“Vitality” or the “Firm”), an innovation-driven drug growth firm devoted to unlocking the therapeutic powers of cannabinoids, in the present day introduced that the Securities and Change Fee has declared the Firm’s Type S-1 registration assertion efficient. The registration assertion was filed pursuant to the Securities Buy Settlement, dated as of August 19, 2021, entered into by the Firm with Triton Funds LP (“Triton”) and its affiliate, Triton Funds LLC. The registration assertion registers for resale the securities to be issued to Triton underneath an fairness line financing of as much as $5,000,000. Solely Triton might use the associated prospectus to resell the shares registered underneath the registration assertion.
The Firm anticipates utilizing the proceeds from the fairness line financing to advance the Firm’s main prodrug candidate, VBX-100, via its pre-clinical research and for basic company functions. VBX-100, a glycosylated cannabinoid developed utilizing our proprietary enzymatic bioprocessing applied sciences, was not too long ago granted Orphan Drug Designation by the FDA for the therapy of pediatric ulcerative colitis.
The Firm additionally introduced that, efficient July 1, 2021, the Depository Belief Firm (“DTC”) deemed the Firm’s frequent shares eligible for digital clearing and settlement via DTC. DTC is a subsidiary of the Depository Belief & Clearing Company, an organization that manages the digital clearing and settlement of publicly traded securities. Frequent inventory that’s eligible to be electronically cleared and settled via DTC are thought-about to be “DTC Eligible”. A “DTC eligible safety” is one that’s freely tradable, certified to be held by banks and brokerage corporations at DTC and traded and serviced via DTC’s digital book-entry system. The eligibility course of enhances capital market efficiencies and reduces prices by enabling eligible securities to be deposited, distributed and, for market transactions, to be settled via DTC’s automated processes.
This press launch doesn’t represent a proposal or sale of, or the solicitation of a proposal to purchase, securities of the Firm nor shall there be any sale of any securities in any state or jurisdiction wherein such provide, solicitation or sale can be illegal previous to registration or qualification underneath the securities legal guidelines of any such state or jurisdiction.
About Vitality Biopharma, Inc.
Headquartered in Los Angeles, California, Vitality Biopharma, Inc. (www.vitality.bio) is an organization centered on the development of prescription drugs and revolutionary applied sciences that enhance the lives of sufferers. Vitality seeks to realize this goal via the event of novel glycosylated cannabinoid prodrugs which might be engineered to ship the therapeutic advantages of cannabinoids however with out their undesirable negative effects. Vitality has developed over 100 novel cannabinoid compounds, together with glycosylated tetrahydrocannabinol (THC) and water soluble glycosylated cannabidiol (CBD) prodrugs.
Discover Relating to Ahead-Wanting Statements
This press launch comprises “forward-looking statements” as that time period is outlined in Part 27(a) of the Securities Act of 1933, as amended and Part 21(e) of the Securities Change Act of 1934, as amended. Statements on this press launch which aren’t purely historic are forward-looking statements and embrace any statements relating to beliefs, plans, expectations or intentions relating to the longer term. Though we imagine that these statements are based mostly on cheap assumptions, they’re topic to quite a few elements that would trigger precise outcomes and outcomes to be materially completely different from these indicated in such statements. Such elements embrace, amongst others, the inherent uncertainties related to new initiatives and growth stage firms, timing of medical trials and product growth, enterprise technique and new strains of enterprise. These forward-looking statements are made as of the date of this press launch, and we assume no obligation to replace the forward-looking statements, or to replace the explanation why precise outcomes may differ from these projected within the forward-looking statements. Though we imagine that any beliefs, plans, expectations and intentions contained on this press launch are cheap, there could be no assurance that any such beliefs, plans, expectations or intentions will show to be correct. Buyers ought to seek the advice of the entire info set forth herein and must also check with the chance elements disclosure outlined in our annual report on Type 10-Ok for the latest fiscal 12 months, our quarterly experiences on Type 10-Q and different periodic experiences filed from time-to-time with the Securities and Change Fee.
Vitality Biopharma, Inc.