Q Biomed Inc. (QBIO), a commercial-stage biomedical development company, has been focused on maintaining its pipeline and seeking strategic capital or business partnerships and merger opportunities amid capital challenges. According to the company’s quarterly report, QBIO successfully converted approximately $238,000 of outstanding debt and interest into 33,823,234 shares of common stock. Additionally, they extinguished around $146,000 of embedded derivative liabilities and reversed about $118,000 of unamortized debt discounts upon the conversion.
In the year ended November 30, 2022, the company issued 1,000,000 Series C preferred stocks amounting to $50,000 for the settlement of amounts due to officers and directors.
Furthermore, the company had accumulated dividends payable on the Preferred Shares of approximately $105,000 as of February 28, 2023.
Q Biomed Inc. raised $100,000 in cash by entering into a series of securities purchase agreements for the sale of 400,000 units at a $0.25 unit sales price on February 14, 2022. Each unit comprised one common share and one warrant to purchase one share of common stock at an exercise price of $0.50. The fair value of the common warrants issued on February 22, 2022, is $0.28 per share.
Q Biomed’s commitment to advancing its pipeline is evident in the progress made on their assets, such as Strontium89, which has shifted from a concept to a fully approved, reimbursed commercial product.
They seek to focus their future development platform on the rare disease space, complementing their existing early-stage treatment for minimally verbal children on the Autism Spectrum.
Despite the rate-limiting factor of capital, Q Biomed Inc. remains determined to find solutions to unlock the potential in its pipeline, working closely with bankers and consultants to seek out capital and strategic opportunities.
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