Tetra Bio Pharma Inc (OTCMKTS: TBPMF) Receives a $4.45 million CDN Loan

Tetra Bio Pharma Inc (OTCMKTS: TBPMF) announced a loan of $44.5 million CDN from the ministére de I’Économie et de I’Innovation (MEI) had received approval as per the BioMed Propulsion Program which the Investissement Québec (IQ) manages.

How the company will spend the loan

 This loan will enable the company to develop ARDS-003 to treat Acute preparatory distress syndrome despite its cause. However, the company needs approval from shareholders who will vote on May 22 at a General Meeting of Shareholders.

This move will necessitate the company transferring its Head Office to Québec from Canada. Fortunately, about 60% of its team already lives in Québec. Tetra Bio-Pharma will also need approval for some financial terms.

According to the Minister in charge of Regional Economic Development and the Minister of the Economy and Innovation, Pierre Fitzgibbon, supporting Tetra Bio-Pharma will allow the region to obtain testament for acute respiratory distress syndrome, which is even more prevalent with severe COVID-19 infection.

The initiative could benefit Québec

Fitzgibbon adds that the government is determined to support initiatives that will improve the lives of its residents. Furthermore, this particular initiative could help Québec enhance its reputation in biotechnology if successful.

Tetra Bio-Pharma’s Chief Commercial Officer, Steve Néron, adds that IQ and MEI have diligently assessed the company. Their reviews indicate that its commercial, commercial, and scientific approaches are valid.

 Néron adds that the two bodies have also stuck to Tetra’s plan and strategy for its project. Moreover, this investment is a positive development for investors patiently waiting for it.

Tetra Bio-Pharma, which has revived approval from Health Canada and the Food and Drug Administration for its clinical program, is a company that focuses on drugs based on cannabinoids.

The company’s goal is to provide doctors and patients with quality medication. Moreover, the company uses a scientific approach to test its cannabinoid-derived drugs for their efficacy in testing various diseases, including oncology, inflammation, and pain.

 The drugs Tetra is creating include ARDS-300, REDUVO, Plenitude, REBORN, SERENITY, PPP003, and HCCOO1, which treat different conditions. For instance, REDUVO treats vomiting and nausea due to chemotherapy, while SERENITY treats cancer cachexia.

Tetra Bio-Pharma Inc has its headquarters in Orleans, Canada.