FDA-approved trial on new drug brings hope to COPD and long COVID sufferers.
Organicell Regenerative Medicine, a clinical-stage biopharmaceutical company focused on the development of innovative biological therapeutics and regenerative medicine, has closed on an additional $1 million private stock purchase at $0.04 per share and secured a $10m equity line of credit with Tysadco.
This capital raise brings the total amount of new funding deals to $16.5 million.
Longevity.Technology: Organicell is principally focused on the development of innovative biological therapeutics for the treatment of degenerative diseases and the provision of other related services. Its proprietary products are derived from perinatal sources and manufactured to retain the naturally-occurring exosomes, hyaluronic acid and proteins.
Organicell has been approved by the FDA to conduct Phase I/II clinical trials on its investigational new drug Zofin and the company will focus on proving its efficacy for the treatment of patients suffering from long COVID and Chronic Obstructive Pulmonary Disease (COPD).
In preparation for the enrolment of these clinical trials, Organicell inked a deal with Tysadco Partners, LLC for a $10 million equity line of credit (ELOC). Tysadco specialises in micro-cap funding and has completed several ELOC’s ranging from $2 million to $30 million over the last five years.
Matt Sinnreich, CEO of Organicell, said: “We have been working closely with the FDA and the Institutional Review Board (IRB) over the last few months to adjust the enrollment criteria of our clinical trials to better reflect the current environment. The goal was to put this company in the best possible position to get clinical trial patients quickly enrolled .”
Nearly 150 million people are affected by long COVID ; often referred to as “long-haulers”, these COVID-19 survivors are plagued by persistent symptoms such as shortness of breath, fatigue, headaches, palpitations, and impairments in mental health and cognition .
“Organicell had the Long Hauler clinical trial set up before my involvement as CEO,” continued Sinnreich. “I have aggressively shifted the focus of our resources to accommodate this mandate and ensure we have the funds to complete these trials. I have also approved two new clinical trial sites to host our Long Hauler trials in LA and Miami .”
Sinnreich said that Long Hauler Covid is a problem that is affecting a large portion of the global population – and it is a problem he wants Organicell to solve as quickly as possible.
“While I feel that we are well capitalized, I don’t want to put our company in a position where we need to raise more capital in the middle of the ongoing trials,” he said, adding that the ELOC gives Organicell the option to use the stock price and volume traded so that, at the company’s discretion and if necessary, it can choose to draw up to $10 million from Tysadco.
“This additional financing option gives the Company a lot more comfort in supporting our team’s efforts to get through our approved trials,” said Sinnreich, adding that he would give a more granular update on the company’s clinical trials in the coming weeks .