Intellectual property focussed biotech firm PsyBio Therapeutics Corp (OTCMKTS:PSYBF) is involved in the development and discovery of unique psycho-targeted therapeutics which could help in improving neurological and mental health conditions.

The company announced yesterday that it had been successful in completing the third tranche of the private placement of units in PsyBio. It should be noted that the placement was of a non-brokered nature. The company offered 3,075,000 units in total for the price of C$0.05 each and managed to raise gross proceeds to the tune of C$153,750. In total, the company managed to raise as much as C$1,063,720 combined from the three tranches of the private placement.

The proceeds from the private placement would be used by the company for the purpose of Current Good Manufacturing Practices regulations so that it could scale up the biosynthetic medicine candidates at its own facility. It would also be used for preparing for clinical trials, working capital, and general corporate purposes.

Each unit offered by the company consisted of one subordinate voting share in PsyBio and a common share purchase warrant, which could be exercised for C$0.10 a share for 24 months from the date of the closing of the offering.