Organicell Regenerative Medicine Inc. (OTCMKTS:OCEL), closed on an extra $1 million private stock purchase at $0.04 per share and secured a $10 Million Equity Line of Credit with Tysadco Partners, LLC, as announced on September 09, 2022. The total amount of new funding deals now stands at $16.5 Million.
Trading Data
On Friday, OCEL stock gained 6.90% to $0.0449 with more than 304.10K shares, compared to its average volume of 650.31K shares. The stock moved within a range of $0.0402 – 0.0500 after opening trade at $0.0460.
Organicell Regenerative Medicine, Inc. Secures Additional $11 Million in Financing in Preparation for Clinical Trial Enrollment
The FDA has already greenlit Phase I/II clinical trials of Organicell’s investigational new drug Zofin. It will focus on determining the efficacy of the drug, for treating patients suffering from Covid Long Hauler and Chronic Obstructive Pulmonary Disease (COPD).
To prepare for the enrollment of these clinical trials, the company has signed a deal with Tysadco Partners, LLC for a $10 Million dollar Equity Line of Credit (ELOC). Tysadco’s forte is in micro-cap funding, and it has completed multiple ELOC’s over the last five years, that range from $2 million to $30 million.
Matt Sinnreich, CEO of Organicell, stated they are working with both the FDA and the Institutional Review Board, to fine-tune the enrollment criteria of clinical trials to better suit the present situation. He is working hard to allocate sufficient funding and resources so the trials are completed on time. Two new clinical trial sites to host the Long Hauler trials are in LA and Miami. With over 150 million being affected by long Covid, it is imperative to come up with a solution as fast as possible.
Key Quote
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.
Technical Data
OCEL stock is trading above the 20-Day and 50-Day Moving averages of $0.0311 and $0.0270 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0277. The company has a total market capitalization of $52.48 million.
