Devonian Health Group closes $2.3 million private placement

Devonian Health Group Inc. (TSXV: GSD; OTCQB: DVHGF) completed a private placement raising $2,272,999.85 in gross proceeds, the clinical-stage pharmaceutical company announced.

The offering consisted of 15,153,332 units priced at $0.15 each. Each unit includes one subordinate voting share and one warrant allowing the purchase of an additional share at $0.20 within 24 months of issuance.

The company plans to use proceeds primarily for working capital related to corporate overhead and research and development activities. Devonian paid $2,700 in finder's fees in connection with the offering.

The shares and warrants are subject to a four-month and one-day hold period ending December 8, 2025, under Canadian securities laws. The offering requires final approval from the TSX Venture Exchange.

Devonian develops treatments for inflammatory autoimmune diseases including ulcerative colitis and atopic dermatitis. The Quebec-based company operates an extraction facility and owns commercialization subsidiary Altius Healthcare Inc., which sells prescription pharmaceutical products in Canada under license from brand-name pharmaceutical companies.

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