NanoSphere Announces $2.25 Million Financing for Rapid Expansion of Cannabis Product Line
DENVER–(BUSINESS WIRE)–NanoSphere
Health Sciences Inc. (CSE: NSHS) (OTC: NSHSF) is pleased to announce
a non-brokered private placement of up to CAD $2,250,000. The proceeds
will be used to expand the award-winning Evolve Formulas cannabis
products into more markets in the US, Canada, and outside of North
America. Funds will also be used to develop new products, increase
production in the states that Evolve Products are available in, as well
as for general working capital.
“We only received our worldwide patent for our cannabis delivery system
in June this year, and already the company is expanding into the US with
our Evolve Formulas brand,” said Nanosphere CEO Robert Sutton. “We’re
now in the favourable position of financing that expansion so we can
quickly drive increased revenues.”
Nanosphere has developed and patented a radically improved delivery
system for cannabinoids that allows for precise dosage, faster onset of
therapeutic effects, and exponentially higher bioavailability.
Nanosphere announced on November 8, 2018 the formation of a wholly owned
subsidiary, Nanosphere Cannabis International Inc. (NCI), which is
tasked with licensing Nanosphere’s ground-breaking technology in
countries outside the United States where medical and/or recreational
cannabis is legal.
“We are already seeing strong demand for our Evolve products in several
countries where cannabis is legal, such as Germany and Canada, but also
in countries where legalization is currently underway,” said NCI
President Gary Symons. “We expect our growth internationally will be
just as rapid as we’ve already seen in the United States.”
The Company is also releasing two new product lines, those being an
intraoral cannabis product and an intranasal cannabis spray that can
replace the need to smoke or vape cannabis. Both have applications in
the medical and recreational cannabis markets.
The private placement will consist of $0.35 units, with each unit
comprised of a common share and a full purchase warrant exercisable to
purchase a further common share at a price of $0.50 cents for a period
of 24 months, subject to accelerated expiry if the company’s shares
trade at or above $0.75 for 15 consecutive days. The Company may pay
certain finder fees in connection with the financing, subject to the
policies of the Canadian Securities Exchange.
The Company further announces it has granted 500,000 stock options to
consultants exercisable at a price of $0.52 per share, and that it will
issue 206,330 common shares in exchange for media relations and other
consulting services at an average price of $0.36 per share. All
securities issuances are subject to the approval of the Exchange, and
will have a four month statutory hold period from the date of issuance.
NanoSphere’s Commitment to Licensing IP
NanoSphere launched
its IP licensing program in 2015 and is entertaining several licensing
opportunities via a rigorous evaluation process. For more information
about NanoSphere’s licensing program, please visit:
https://www.nanospherehealth.com/licensing/
About NanoSphere
NanoSphere Health Sciences LLC, is a
biotechnology firm specializing in the creation of the NanoSphere
Delivery System™, a revolutionary platform using nanotechnology in the
biodelivery of supplements, nutraceuticals and over-the-counter
medications for the cannabis, pharmaceutical and animal health
industries, and beyond. NanoSphere Delivery System™ represents one of
the most important developments for advancing the non-invasive and
user-friendly delivery of biological agents in over 25 years. For more
information on NanoSphere, please visit http://www.nanospherehealth.com.
About Evolve Formulas
Evolve Formulas is the provider of the
world’s first and only scientifically proven nanoparticle delivery
system in cannabis. Evolve’s pioneering product, Transdermal NanoSerum™,
is a fast-acting, ultra-strength transdermal formula infused with
nano-encapsulated cannabis and cannabis extracts. NanoSerum™ immediately
penetrates the skin to deliver direct-focused results and intelligently
carries a full spectrum of cannabinoids and phytochemicals to receptors
throughout the body for systemic healing. Evolve Formula products
leverage NanoSphere Health Sciences™ patented NanoSphere Delivery
System™. The NanoSphere Delivery System™ is a revolutionary platform
using nanotechnology in the biodelivery of supplements, nutraceuticals
and over-the-counter medications for the cannabis, pharmaceutical and
animal health industries, and beyond. For more information on Evolve
Formulas, visit
https://www.evolveformulas.com/. Follow us on
Facebook,
Instagram and
Twitter.
The Canadian Securities Exchange does not accept responsibility for
the adequacy or accuracy of this release.
Forward Looking Statement Caution
This news release
includes forward looking statements that are subject to assumptions,
risks and uncertainties. Statements in this news release which are not
purely historical are forward looking statements, including without
limitation any statements concerning the Company’s intentions, plans,
estimates, expectations or beliefs regarding the future. Although the
Company believes that any forward looking statements in this news
release are reasonable, there can be no assurance that any such forward
looking statements will prove to be accurate. The Company cautions
readers that all forward looking statements, including without
limitation those relating to the Company’s future operations and
business prospects, are based on assumptions none of which can be
assured, and are subject to certain risks and uncertainties that could
cause actual events or results to differ materially from those indicated
in the forward looking statements. Without limitation, these include
assumptions, risks and uncertainties inherent in completing
sub-licensing arrangements in the United States, Canada and abroad,
product demand, production, competition and government regulation of the
Cannabis industry, any and all of which may have an adverse effect on
the Company’s expansion plans, sales, revenues and its financial results
and condition. Readers are advised to rely on their own
evaluation of such risks and uncertainties and should not place undue
reliance on forward looking statements. Any forward looking statements
are made as of the date of this news release, and the Company assumes no
obligation to update the forward looking statements, or to update the
reasons why actual events or results could or do differ from those
projected in the forward looking statements, whether as a result of new
information, future events or otherwise.
Contacts
Gabrielle Wesseldyk
gabrielle@rosengrouppr.com
212-255-0945
On behalf of the Board
David Sutton, President and COO
Mobile:
720.520.4283
E-mail: dsutton@nanospherehealth.com
Investor Contact:
Victor Goncalves, Executive Vice President
Mobile:
204-997-5517
E-mail: vgoncalves@nanospherehealth.com
