Origin Therapeutics Closes $6.5 Million Private Placement to Fund New Investments in Psychedelics
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
VANCOUVER, British Columbia, Aug. 12, 2021 (GLOBE NEWSWIRE) — Origin Therapeutics Holdings Inc. (CSE: ORIG Proposed) (the “Company” or “Origin Therapeutics”), an actively managed investment issuer focused on making equity investments in psychedelics-related companies, is pleased to announce that it has completed a non-brokered private placement (the “Offering”) resulting in gross proceeds of $6,550,000 through the sale of 26,200,000 special warrants priced at $0.25 per warrant.
The net proceeds of the Offering will be used by Origin Therapeutics for investments in private, early-stage companies in the growing psychedelics sector.
“It is very gratifying to see such a strong indication of investor support for our team and our vision. We look forward to building a portfolio of high-quality, psychedelics-related investments,” said Origin Therapeutics CEO Alexander Somjen. “We plan to deploy capital across a diverse group of private companies to offer our investors exposure to early-stage opportunities with high growth potential that they may otherwise be unable to access.”
Each special warrant automatically converts into one common share in the capital of Origin Therapeutics, without payment of additional consideration, on a date that is the earlier of: (i) the third business day after a receipt for a final prospectus qualifying the distribution of shares issuable; and (ii) 4 months and one day after the issue date of the special warrants.
“With this, we are well capitalized to begin building our initial investment portfolio,” added Somjen. “It is truly an exciting time to be on the forefront of this sector, backing a new wave of companies and a supporting industry that has the potential to revolutionize mental health treatment as we know it.”
The devastating COVID-19 pandemic has highlighted the desperate need globally for more effective mental health care. One in five Canadians experience a mental illness or addiction problem every year, and by the age of 49, one in two have or have had a mental illness, according to a report from the Mental Health Commission of Canada.
About Origin Therapeutics
Origin Therapeutics Holdings Inc. (CSE: ORIG Proposed) (the “Company” or “Origin Therapeutics”) is an actively managed investment issuer focused on making equity investments in psychedelics-related companies to provide investors with diverse exposure to the sector. The Company, led by a team of industry experts, leverages its management expertise, professional network, and due diligence process to identify leading and emerging global companies for its portfolio that are innovating in the sector and are supported by science. Learn more: https://originpsychedelics.com/
For Further Information:
Alexander Somjen
Chief Executive Officer and Director
Origin Therapeutics Holdings Inc
www.originpsychedelics.com
info@originpsychedelics.com
For media inquiries, please contact: Brittany@Exvera.com
Forward-Looking Information and Statements
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the closing of the Offering, the intended use of proceeds of the Offering, the filing of the Prospectus, and the obtaining of receipts for the Prospectus. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the Company’s business in general; (iii) that the proceeds of the Offering may need to be used for purposes other than as set out in this news release and other factors beyond the control of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by applicable law, the Company does not intend to update these forward-looking statements.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
