BetterLife Pharma files prospectus for $100M public offering

VANCOUVER - BetterLife Pharma Inc. (CSE:BETR) has submitted a completed short form prospectus to securities regulatory bodies in British Columbia, Ontario, and Alberta for a planned public offering. The company is seeking to raise up to $100 million through the sale of up to 555 million common shares, alongside pre-funded warrants.

At a price of CDN$0.25 per common share or CDN$0.24999 per warrant, the offering could generate gross proceeds of up to $100 million (CDN$138.75 million). BetterLife Pharma stipulates a minimum raise of $80 million (CDN$111 million) for the offering. The company is partnering with Bloom Burton Securities Inc. and Haywood Securities Inc. as agents for the sale, receiving a 7% cash commission on the total gross proceeds and rights to sell warrants to purchase 7% of the securities issued.

Due to the offering's impact on shareholder value, BetterLife Pharma has received a waiver from the Canadian Securities Exchange, bypassing the usual shareholder approval process. The proceeds from the offering will be allocated to Phase 1A studies in healthy humans, Phase 1B clinical trials for cluster headache and migraine, followed by Phase 2 trials for both conditions.

Additional funds will be directed towards working capital and general corporate needs. The offering is slated to conclude by September 17, 2026, provided all regulatory requirements are met. The agents retain a 30-day option to sell an additional 15% of the securities. BetterLife Pharma specializes in the development of treatments for neurological disorders, with a particular focus on BETR-001, a non-hallucinogenic LSD derivative presently undergoing preclinical and IND-enabling research.