LONDON, July 23, 2018 /PRNewswire/ --
Grow Biotech PLC ("Grow Biotech", the "Company"), the UK-based medical cannabis biotechnology and intellectual property company, today announces several key corporate updates.
- Seed and series A funding for £1 million (combined) has been over subscribed by 100%
- Applications for these rounds of funding will not be accepted after 6th August 2018
- The Company has had strong interest from VCT's and funds.
- Given this interest, and the imminent progression of the Company's R&D projects into laboratories in the UK and Canada, the Company has decided to target a Q4 2019 IPO.
Ben Langley, CEO of Grow Biotech plc, commented:
"We are thrilled that our private placement has been so well received by investors in the UK. The proceeds raised will be used to accelerate our recent progress, particularly in our two core research and development projects in the UK and Canada. It really is an exciting time for Grow Biotech and for the global medical cannabis market."
Background to and reasons for the Private Placement
The Company has spent significant time and resources analysing the market and developing research projects to the point that there are now two projects that are ready for full scientific Research & Development ("R&D") in laboratories in the UK and Canada. These projects have been pre-researched scientifically and commercially and, in both cases, the directors have deemed that they present attractive potential returns on investment. Consequently, the directors made the decision to raise funds from investors to allow these projects to accelerate towards their goal of producing valuable medical cannabis intellectual property.
The Private Placement
The private placement was offered to select UK based high net worth and sophisticated investors. The A shares that were offered to investors are being issued under the Company's existing authorities.
Grow Biotech PLC
Grow Biotech is a UK-based medical cannabis biotechnology and intellectual property company. The Company currently has operations in the UK and in Canada where it aims to develop one of the world's most valuable portfolios of medical cannabis intellectual property through scientific and technological innovations. The Company's two live R&D projects focus on increasing the sophistication of medical cannabis a) techniques and b) tools with a view to bridging the gap between current medical cannabis tools, processes and practices and those that are generally deemed acceptable by the established pharmaceutical community.
Enquiries should be directed to:
The directors of the Company accept responsibility for the contents of this announcement.
SOURCE Grow Biotech PLC