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Vitality Biopharma Hires Investment Bank To Explore M&A, Asset Sale Opportunities

September 25, 2020 12:35 pm
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Drug development company Vitality Biopharma Inc. (OTCQB:VBIOhas tapped financial adviser DelMorgan & Co. to manage a potential sale process.

Neil Morganbesser, DelMorgan's President and CEO, said “the right partner — either through M&A or a capital infusion — could be the key to unlocking Vitality’s explosive growth potential."

Vitality’s portfolio consists of cannabinoid drugs and new treatments for Inflammatory Bowel Disease (IBD) and Irritable Bowel Syndrome (IBS).

Vitality CEO Michael Cavanaugh said he was “thrilled” that Santa Monica, California-based DelMorgan opted to help the company “evaluate strategic alternatives," including asset divestitures, potential financing deals and strategic partnerships.

DelMorgan has a “deep capital markets expertise and well-earned trust within the investment community,” which is essential in guiding the Los Angeles-headquartered company “through the process of evaluating strategic alternatives to maximize value for all of our shareholders,” added Cavanaugh.

4Front, Auxly Resort to Asset Sale To Provide Funding

Several other companies within the cannabis industry have recently opted to sell assets or seek additional funding. 

On Thursday, 4Front Ventures Corp. (OTCQX:FFNTFconfirmed a $5.5 million sale of three Maryland-based dispensaries to Ethos Cannabis.

The Phoenix-based company intends to utilize the funds to pay down debts to the New York-based private equity firm Gotham Green Partners. 

Auxly Cannabis Group Inc. (TSX.V – XLY) (OTCQX: CBWTF) recently decreased its stake in Inner Spirit Holdings Ltd. from 12.9% to 9.8%, which brought it $850,000 in gross proceeds.

Besides some 6 million common shares of Inner Spirit, the Toronto-based company also disposed of $400,000 worth of its convertible debentures.

Courtesy image


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