There’s no arguing the fact that the cannabis space has been one of the hottest and most closely watched markets in the past 12 months. Just last fall NYSE became the first major exchange to list the first cannabis-related company in the U.S.
We’ve continued to see upward momentum since and investors across the globe are ready to pounce on the opportunities in the space. Just today Therapix BioSciences (NASDAQ:TRPX) announced the pricing of its initial public offering of $6.00.
Therapix is an Israel-based specialty pharmaceutical company developing cannabinoid treatments for Tourette Syndrome and mild cognitive impairment. Alongside GW Pharmaceuticals and Zynerba, Therapix becomes one of very few cannabis centric companies to be listed on the prestigious NASDAQ exchange and could very well open the door to other companies to follow in their footsteps. All three are focused advanced cannabinoid therapies used to treat an array of serious diseases. Gross proceeds to Therapix from the IPO are expected to be around $12M.
The company intends on using proceeds to advance the formulation and clinical development efforts for its two lead product candidates, including Phase II clinical trials, and for working capital and other general corporate purposes. Today’s IPO announcement helped Therapix make huge strides towards joining larger and more well-known companies developing cannabinoid-based drugs.