McMillan advised Bright Minds Bioscience on its USD$35 Million Non-Brokered Private Placement

On November 4, 2024, Bright Minds Bioscience Inc. (CSE:DRUG) (NASDAQ: DRUG) (“Bright Minds” or the “Company”) closed its previously announcement non-brokered private placement of 1,612,902 common shares in the capital of the Company (“Shares”) at a price of USD$21.70 per Share for aggregate gross proceeds of USD$35,000,000 (the “Offering”).

The Offering included participation from a series of high calibre investment funds investing in the healthcare industry. The Offering is part of a US PIPE, and the Company is intending to file a US registration statement to register the shares for resale.

Bright Minds Biosciences is a biotechnology company developing innovative treatments for patients with neurological and psychiatric disorders. Their pipeline includes novel compounds targeting key receptors in the brain to address conditions with high unmet medical need, including epilepsy, depression, and other CNS disorders. Bright Minds is focused on delivering breakthrough therapies that can transform patients’ lives. Bright Minds Biosciences has developed a unique platform of highly selective serotonergic agonists exhibiting selectivity at different serotonergic receptors. This has provided a rich portfolio of NCE programs within neurology and psychiatry.

McMillan acted as counsel to Bright Minds in connection with this cross-border transaction, providing Canadian and US Securities law support as well as advising on CSE and NASDAQ financing requirements. Expertly led by Sasa Jarvis and Michael Shannon, the team included Herbert Ono, Mark Neighbor, Michael Taylor, Jordan Ghag, Navaneeth Ravichandran, and Julia Currie.

As a national business law firm with exceptional capabilities to lead businesses through cross-border transactions and investments into Canada, McMillan provides real-time business solutions to clients operating in multifaceted regulatory regimes. Our legal teams are skilled at structuring and closing complex deals of all shapes and sizes in Canada, the US and internationally and in providing innovative transactional advice. Our understanding of business imperatives and our relationships with the regulators helps our clients stay ahead.