Innocan Pharma’s Subsidiary Registers Products Under FDA’s MoCRA, Sets Stage for Expansion in US Market

Leading company in the biotechnology and pharmaceutical sectors, Innocan Pharma Corporation, has revealed that BI Sky Global, a subsidiary, has effectively registered every product it makes under the FDA's Modernisation of Cosmetics Regulation Act of 2022 (MoCRA). The company's goods satisfied all compliance requirements required for MoCRA registration, including the strict quality standards specified by the FDA. MoCRA ensures that only premium cosmetic brands are allowed to be marketed in the US market by requiring all facilities engaged in the production and processing of cosmetic goods for sale in the country to register with the FDA.

An important accomplishment for Innocan, the successful registration of BI Sky Global's goods demonstrates their dedication to the highest standards and supports their goal of introducing premium products to the market. With a target gross proceeds of up to C$880,000, Innocan intends to execute a non-brokered private placement of up to 4,000,000 company units at a price of C$0.22 per unit. The Offering is anticipated to conclude on or before August 29, 2024. One common share in the capital of the company and one common share purchase warrant, each of which authorises the holder to buy one common share at C$0.32 per share for a period of four years after the date of issuance, will make up each unit.

In compliance with relevant Canadian securities regulations, the securities sold to Canadian subscribers in conjunction with the Offering will be subject to a hold period of four months and one day from the date of issuance.