LONDON, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF) (the "Company" or "Small Pharma"), a biotechnology company focused on short-acting psychedelic-assisted therapies for mental health conditions, today announced that it has entered into an automatic share purchase plan (the "ASPP") with Eight Capital (the "Broker") in order to facilitate repurchases of the Company's common shares (the "Shares") under its previously announced normal course issuer bid (the "NCIB"). The ASPP has been approved by the TSX Venture Exchange (the "TSXV") and is expected to be implemented effective as of September 13, 2022.
Under the ASPP, the Broker may purchase Shares under the NCIB at times when the Company would ordinarily not be permitted to do so due to regulatory restrictions or self-imposed blackout periods. Such repurchases will be carried out by the Broker based on trading parameters established by the Company prior to the commencement of the restricted trading period in accordance with the terms of the ASPP, applicable securities laws and the rules and policies of the TSXV. Outside of these restricted trading periods, the Company may at its discretion effect repurchases of the Shares through the Broker under the NCIB.
The NCIB commenced as of August 19, 2022. Pursuant to the NCIB, the Company may, if considered advisable, purchase up to a maximum of 5,000,000 Shares for cancellation through the facilities of the TSXV in open market transactions or by such other means as may be permitted under applicable securities laws and the policies of the TSXV, from time to time until the earlier of: (a) August 18, 2023; and (b) the date on which the maximum number of Shares purchasable under the NCIB have been acquired by the Company.
About Small Pharma
Small Pharma is a biotechnology company progressing a pipeline of short-acting psychedelics with therapy for the treatment of mental health conditions, with a current focus on depression. Small Pharma initiated a clinical program into N,N-dimethyltryptamine ("DMT") assisted psychotherapy in February 2021. This program includes a Phase I/IIa trial on the Company's lead candidate alongside the development of a pipeline of proprietary preclinical assets.
DMT is a naturally occurring psychedelic tryptamine found in plants and in the brain of mammals. Scientific evidence suggests DMT offers the potential for rapid-acting and long-lasting antidepressant effects. DMT is differentiated by its short psychedelic experience (< 30 mins), which allows for short treatment sessions and offers the potential for convenient supervised treatments within patient clinics.
For further information contact:
Small Pharma Inc.
George Tziras, Chief Executive Officer
Tel: +1 (646) 751-4363
Investor Relations Contacts:
Tel: +1 (646) 889-1200
KCSA Strategic Communications
Tel: +1 (347) 487-6181
Media Relations Contacts:
USA - McKenna Miller
KCSA Strategic Communications
Tel: +1 (949) 949-6585
Rest of World - Jaber Mohamed
Tel: +44 (0)7720 326 847
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding the price and number of Shares that may be purchased under the NCIB.
In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting the Company's business and results of operations; the impact of COVID-19; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
Small Pharma makes no medical, treatment or health benefit claims about its proposed products. The U.K. Medicines and Healthcare products Regulatory Agency ("MHRA") or other similar regulatory authorities have not evaluated claims regarding DMT-assisted therapies and other next generation psychoactive compounds. The efficacy of such therapies has not been confirmed by MHRA-approved research. There is no assurance that such DMT-assisted therapies and other psychoactive compounds can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. Any references to quality, consistency, efficacy and safety of potential therapies do not imply that Small Pharma verified such in clinical trials or that Small Pharma will complete such trials. If Small Pharma cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Small Pharma's performance and operations.
The TSXV has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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