Formerly known Osoyoos Cannabis Inc., Aion Therapeutic Inc. (CNSX:AION) researches, grows, and markets medical cannabis in Canada. The company has carried out a number of management restructuring in recent months as it looks to position itself in the fast growing Canadian cannabis marketplace.
Management Appointment
In October, the company confirmed the appointment of a neuroscientist healthcare technology entrepreneur to spearhead the next phase of growth. James W.G Thompson is the man the cannabis research company has turned to, to spearhead research operations.
Dr. Thompson joins Aion Therapeutics with over 20 years of industry experience as a neuroscientist and healthcare technology entrepreneur. His work mostly specializes in the research development application and commercialization of biotech. He comes into the management fold with 13 awarded patents and three pending patents related to data analytics, remote database systems, and medical software.
The appointment of Dr. Thompson as the president follows the confirmation of Dr. Herbert Fritsche as AI Pharma, Aion Therapeutics wholly-owned subsidiary, Chief Science Officer. Dr. Fritsche is a world-renowned clinical chemist, having published over 200 peer-reviewed scientific papers. He is one of the world’s leading experts in tumor biomarkers.
In addition to the appointments, Aion Therapeutics has also moved to strengthen its financial base, the company has entered into a convertible debenture extension and amendment agreement with Quinsam Capital Corporation.
Debt Restructuring
Under the terms of the amending agreement, the lender is to extend the maturity dates of the convertible debentures from November 1, 2020, to December 10, 2020, until April 30, 2021. Likewise, interest on the principal amount outstanding is payable by the company at the originally stated interest rate of 10% per annum until maturity dates
The amendment agreement comes on the heels of Aion Therapeutics closing a non-brokered private placement through the issuance of 9.1 million units priced at $0.055 per unit. The company ended up raising $500,000 in gross proceeds. Net proceeds from the offering are to be used for general working capital purposes.
