CLEVELAND, Sept. 02, 2021 (GLOBE NEWSWIRE) -- Vitality Biopharma, Inc. (OTC Mkts: VBIO) (“Vitality” or the “Company”), an innovation-driven drug development company dedicated to unlocking the therapeutic powers of cannabinoids, today announced that the Securities and Exchange Commission has declared the Company’s Form S-1 registration statement effective. The registration statement was filed pursuant to the Securities Purchase Agreement, dated as of August 19, 2021, entered into by the Company with Triton Funds LP (“Triton”) and its affiliate, Triton Funds LLC. The registration statement registers for resale the securities to be issued to Triton under an equity line financing of up to $5,000,000. Only Triton may use the related prospectus to resell the shares registered under the registration statement.
The Company anticipates using the proceeds from the equity line financing to advance the Company’s leading prodrug candidate, VBX-100, through its pre-clinical studies and for general corporate purposes. VBX-100, a glycosylated cannabinoid developed using our proprietary enzymatic bioprocessing technologies, was recently granted Orphan Drug Designation by the FDA for the treatment of pediatric ulcerative colitis.
The Company also announced that, effective July 1, 2021, the Depository Trust Company (“DTC”) deemed the Company’s common shares eligible for electronic clearing and settlement through DTC. DTC is a subsidiary of the Depository Trust & Clearing Corporation, a company that manages the electronic clearing and settlement of publicly traded securities. Common stock that is eligible to be electronically cleared and settled through DTC are considered to be “DTC Eligible”. A “DTC eligible security” is one that is freely tradable, qualified to be held by banks and brokerage firms at DTC and traded and serviced through DTC’s electronic book-entry system. The eligibility process enhances capital market efficiencies and reduces costs by enabling eligible securities to be deposited, distributed and, for market transactions, to be settled through DTC’s automated processes.
This press release does not constitute an offer or sale of, or the solicitation of an offer to buy, securities of the Company nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Vitality Biopharma, Inc.
Headquartered in Los Angeles, California, Vitality Biopharma, Inc. (www.vitality.bio) is a company focused on the advancement of pharmaceuticals and innovative technologies that improve the lives of patients. Vitality seeks to achieve this objective through the development of novel glycosylated cannabinoid prodrugs that are engineered to deliver the therapeutic benefits of cannabinoids but without their unwanted side effects. Vitality has developed over 100 novel cannabinoid compounds, including glycosylated tetrahydrocannabinol (THC) and water soluble glycosylated cannabidiol (CBD) prodrugs.