C3 Pharmaceuticals Announces IPO Plans On Canadian Exchange, Funding For Cannabis Tablet As SEC Battle Continues

Cannabinoid-focused biopharmaceutical company C3 Pharmaceuticals, Inc. announced Wednesday that it has executed a tailored share subscription agreement with GEM Global Yield LLC SCS and is planning on listing on the Canadian Securities Exchange.

The California company said it has a commitment of CAD$135 million ($99.3 million) from GGY. The money will expand manufacturing operations and introduce Idrasil, the company's cannabis-based tablet, to the U.S. and international markets, according to C3.

The tablet is aimed at helping patients manage a variety of conditions, such as chronic pain, ADD, Alzheimer’s, cancer, sleep disorders, mental health issues and withdrawal from opioid addiction, while remaining sober and lucid.

“Idrasil is expected to be a highly disruptive medical advancement in recent pharmaceutical history,” CEO Steele Smith III said in Wednesday’s press release. "This is why there have been legal and bureaucratic obstacles to bringing it to market and securing insurance approvals."

Read Also: Cannabis CEO To SEC Attorney: ‘Eat S—‘

Idrasil is in the center of a long-running lawsuit filed by the Securities and Exchange Commission against C3 International, Inc., co-founded by Smith and his wife Theresa.

On Monday, C3 International and the Smiths filed an appeal with the 9th U.S. Circuit Court of Appeals of a July 17 order by U.S. District Judge Christina Snyder that granted a default judgment barring the defendants from breaching securities laws and imposed $1,914,017 in disgorgement, $447,859 in prejudgment interest and $621,459 in civil penalties.

• Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you're serious about the business, you can't afford to miss out.

Read Next:

• Cannabis Pharmaceuticals: Company With Ties To Groundbreaking Medical Developments Pursues Cannabinoid-Based Medicines

Photo via Shutterstock.