Marvel Biosciences Announces Private Placement for up to $2.5 Million

Company Overview - Marvel Biosciences Corp. is a Calgary-based pre-clinical stage pharmaceutical development biotechnology company that employs a "drug redevelopment" approach to drug development [7] - The company focuses on developing new synthetic chemical derivatives of originally approved drugs for new disease indications, which it believes results in significantly less risk, cost, and time compared to traditional biotechnology companies [7] Offering Details - The company intends to complete a non-brokered private placement of common shares at a price of $0.15 per share, aiming for gross proceeds between $1,935,000 and $2,500,000 [1][2] - The net proceeds from the offering will be allocated for phase 1 clinical trials for the lead compound MB-204, general and administrative expenses, and general working capital [2] - The offering may close in one or more tranches, with the first tranche expected to close around February 14, 2025, subject to regulatory approvals [2] Regulatory and Compliance - The offering is being made to purchasers in all provinces of Canada (except Quebec) and certain foreign jurisdictions under the Listed Issuer Financing Exemption [4] - The securities offered will not be subject to a hold period under applicable Canadian securities laws [4] Engagement of Finder - The company has engaged Abingdon Capital as a finder for the offering, which will receive compensation as outlined in the offering document [5] - Abingdon Capital has been granted a right of first refusal to act as the company's non-exclusive advisor for 12 months following the closing of the offering [5] Product Pipeline - Marvel has developed several new chemical entities that inhibit the A2a adenosine receptor, targeting neurological diseases such as depression, anxiety, Alzheimer's, and ADHD, as well as non-neurological conditions like cancer and non-alcoholic steatohepatitis [8][9] - The company is also exploring additional undisclosed targets to expand its asset pipeline [9]