$1.5 million investment round announced to progress COVID -19 clinical trial
We have constructed a term sheet to raise $1.5 million to support a Phase II clinical trial in COVID patients in local Alberta hospitals. We maintain the current $7.50 share price and $20M company valuation. Proceeds will be used over the next few months to:
- Support the purchase of drug components (500 treatment doses)
- Progress the clinical trial in 4 local Alberta hospitals through February and March
- Contract CRO to support documentation, database management, statistical analysis etc
- Progress structure of follow on Phase III design (details of cost/time design to be informed by the current Phase II
- Advance prototype design of S1226 portable device
- Progress patents and support basic operations
We cannot be sure what results will emerge from this trial on the effectiveness of S1226 to treat COVID symptoms. That said, SolAeroMed management anticipates Phase II trial data will demonstrate sufficient safety and efficacy to convince regulators to green light a larger trial. If so, we will pursue the best business development path, which includes the potential to license to 3rd party our S1226 drug to treat COVID, as well as continued ownership and development with VC or IPO funded support. SolAeroMed management will explore all options and take sage advice from our Board of directors and advisors.
For further information, please contact SolAeroMed management directly for term sheet and share subscription