Devonian corrects private placement proceeds to $2.4 million

Devonian Health Group Inc. (TSXV: GSD; OTCQB: DVHGF) corrected the gross proceeds from its previously announced private placement to $2,363,000 from the initially reported $2,273,000, according to a company statement.

The clinical-stage pharmaceutical company issued 15,753,332 units at $0.15 per unit, rather than the 15,153,332 units initially disclosed. Each unit comprises one common share and one warrant exercisable at $0.20 per share for 24 months.

The Quebec-based company reported progress on its Thykamine drug candidate, with batch-to-batch consistency validated through analytical techniques including HPLC-MS and NMR. Pre-clinical studies in metabolic-associated steatohepatitis and pulmonary fibrosis models are ongoing, with data expected in fall 2025.

Devonian is developing oral formulations of Thykamine for ulcerative colitis and other conditions. A U.S. dermatologist survey confirmed acceptance of Thykamine cream for pediatric patients with mild-to-moderate atopic dermatitis.

The company's subsidiary Altius Healthcare LP will lose distribution rights for Pantoprazole Magnesium on April 23, 2026. The product represented 10.6% of revenues for fiscal year 2024 and 4.2% for the nine-month period ended April 30, 2025. Distribution rights for Dexlansoprazole expired on April 17, 2025.

Devonian focuses on developing prescription drugs for inflammatory autoimmune diseases and operates an extraction facility in Quebec. The company trades on the TSX Venture Exchange and OTCQB markets.

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