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Tilray Wins Tender to Supply Luxembourg, Argent Biopharma Completes Capital Raise, & More from Stenocare

Argent BioPharma 

 

Argent Biopharma (previously MGC Pharmaceuticals) has completed a US$4.5 million capital raise to support its drug development efforts, just weeks after delisting from the London Stock Exchange.

The company, which is now listed on the Australian Securities Exchange (ASX:RGT) and OTCQB (RGTLF), announced the successful placement of 5,625,000 units priced at US$0.80 each, equivalent to approximately A$1.28.

Each unit in the placement consists of two fully paid ordinary shares and one warrant, exercisable at US$0.55 (~A$0.88) with a three-year expiry.

The placement is divided into two tranches: the first tranche includes 5,000,000 shares and 2,500,000 warrants, issued immediately under existing placement capacity, while the second tranche, comprising 6,250,000 shares and 3,125,000 warrants, is subject to shareholder approval at an upcoming meeting.

The placement price reflects a significant premium, with a 370% increase over the 15-day volume-weighted average price (VWAP) and a 377% increase over Argent BioPharma’s last closing price of A$0.17 before a trading halt on January 3.

Proceeds from the capital raise will be used to advance Argent BioPharma’s drug pipeline, particularly clinical studies for CannEpil®, a treatment targeting central nervous system disorders.

The funds will also support the company’s ongoing strategic review of operations, aimed at ensuring long-term sustainability following its delisting from the London Stock Exchange and preparations for a US national listing.

Argent Biopharma was the first company in history to launch an IPO on the LSE, but announced in December that ‘following a detailed review’ of the listing requirements and associated costs of transferring all of its ordinary shares from the Australian Stock Exchange (ASX), the company had decided to cancel its admission on the LSE.

In late August, the company, unveiled plans to formally delist from the Australian Securities Exchange citing a significant lack of liquidity in the trading of its shares.

Additionally, the company said it has faced persistent fundraising challenges in Australia, with recent capital-raising efforts primarily supported by investors from the UK and the US, highlighting limited local investor interest.

According to the company, its delisting decision is driven by the company’s desire to ‘streamline and simplify processes’ and increase administrative efficiencies.

Notably, the company may still explore opportunities to expand its accessibility to investors, including a potential dual listing on a United States-based exchange.

 

Tilray

 

This week, US cannabis giant Tilray Brands announced that it was awarded a tender by Luxembourg’s Ministry of Health to supply the country with medical cannabis flower.

The contract was secured through Tilray Deutschland GmbH, the company’s German subsidiary, further solidifying Tilray’s footprint in the European medical cannabis market.

Denise Faltischek, Chief Strategy Officer and Head of International at Tilray Brands, called it a ‘testament to the unwavering dedication of our team in providing patients around the world with high-quality medical cannabis products.’

It comes just days after new regulations came into force banning the prescription of high-THC cannabis flower to patients.

As of January 1, 2025, patients will only have access to CBD-rich flower, ‘balanced’ THC/CBD flower, and cannabis oil. Prescriptions for cannabis oil have steadily increased, from 18 bottles in 2022 to 2,850 in 2024, underscoring the program’s expansion in a country of approximately 675,000 people.

A law allowing personal possession of non-medical cannabis and the cultivation of up to four plants per household for personal consumption approved in June 2023 is not impacted  by the changes.

Tilray’s involvement in Luxembourg is bolstered by its recent achievements in Germany. In July 2024, the company received Germany’s first cannabis cultivation license under the German Medical Cannabis Act, passed earlier that year.

The license allows Tilray’s Aphria RX GmbH facility to cultivate and manufacture medical cannabis in Germany. Aphria RX’s first commercial-grown cannabis flowers were launched in November 2024.

 

Stenocare

 

Danish medical cannabis producer Stenocare this week launched a rights issue aiming to raise approximately DKK 20.2 million (USD 2.9 million).

The subscription period began on January 7, 2025, and will run through January 20, 2025. The proceeds are expected to support Stenocare’s ongoing operations and strategic investments in its pharmaceutical-grade medical cannabis products.

The rights issue offers existing shareholders two subscription rights for every share held as of January 6, 2025. Each subscription right entitles holders to purchase one new share at a price of DKK 0.50.

Stenocare has secured DKK 1.5 million in binding pre-commitments and guarantees from management and shareholders, ensuring at least partial success of the offering. Full subscription would bring the total raised to approximately DKK 20.2 million.

It comes just days after Stenocare A/S has announced the availability of its innovative medical cannabis oil product, Astrum 10-10, for Norwegian patients.

The first shipment of the product arrived in Norway at the end of December 2024, making it ready for prescription-based use.

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