Tetra Bio-Pharma Inc. -...

22 March 2017| Research Update | Pharmaceuticals

Alpha Deal Group Intelligence

Strong Potential: Targeting rapidly evolving medical cannabis market Alpha Deal Group considers Tetra Bio Pharma Inc. (CSE: TBP), as a unique opportunity to benefit from the rapidly evolving medical cannabis market, unique focus and numerous upcoming catalysts. TBP is a multi-subsidiary publicly traded company engaged in the development of Bio Pharmaceuticals and Natural Health Products containing cannabis and other medicinal plant based elements. It is focused on combining the traditional methods of medicinal cannabis use with the supporting scientific validation and safety data required for inclusion into the existing bio pharma industry. We believe that TBP is extremely under-valued at its current market cap of CAD66mn relative to its peers and we see a potential for a significant re-rating of the stock to levels of around two-three times the current price.

Investment Highlights

TBP plans to bring smokable, natural medical marijuana to market along with a number of other products targeting chronic pain, insomnia, PTSD, anxiety, and others. Currently, no evidence exists that support the prescription of medical marijuana in any medical condition. According to the Canadian and US drug regulatory agencies, there is no evidence to support the safety and efficacy of marijuana for use in the treatment of pain or any other indication. TBP product development plan would provide the data necessary for drug regulatory agencies to grant marketing approval and physicians to prescribe cannabis products.

The Company also has a strong pipeline of over the counter natural health products for pain management, cardiovascular disease prevention, athletic performance, and well-being, targeting both Canada and the US supplement markets. Along with medicinal and recreational cannabis, natural health products containing non-psychoactive cannabinoids such as cannibidiol (CBD) are widely gaining popularity particularly in the US where more favorable CBD regulations exist. According to Hemp Industries Association (HIA), Hemp-based personal care products made up 26% of total hemp market, or $147mn.

Globally, over 1.5 billion people suffer from chronic pain. In the US alone, studies suggest that chronic pain affects over 116 million people, i.e., over 30% of the population. In addition, The Institute of Medicine (IOM) of the National Academies notes that the annual economic burden associated with chronic pain exceeds $635bn, including medical treatment and lost productivity.

TBP has received approval for Phase I Study of PPP001. It would then provide an update on its topical drug trial, PPP002 trial, and its FDA meeting in Q1’17. Plans to have products through clinical trials in the beginning of 2018 before launching them.

Has an additional $1.45mn in cash remaining from its recent financing.

Aphria invested $1mn to fund PhytoPain clinical trials.

Share price CAD 0.66

Market cap (CADm) 66Net cash (CADm) 2.20Enterprise value (CADm) 63

No. of shares (m) 99.33Average daily vol ('m, -3m) 1.4

Dividend yield (%) 0PER at Target price (Y1) n/aPrice/book nm

12 month high/low (CAD) 1.48/0.03

(%) 1m 3m 12mTBP 45 122 914S&P/TSX Composite 1 3 15

Price chart

Source: Reuters

Share Price as at close:

Key FinancialNov-14 Nov-15

364 649 364 595

Cash 36 20

90 40 (8) (230)

www.tetrabiopharma.com

Malti SharmaSenior Analyst+1 (212) [email protected]

Nitish KapoorSenior Analyst+1 (212) [email protected]

Tetra Bio-Pharma Inc.(CSE: TBP)

BUY-SIDE PORTFOLIO SELECTION

March 21, 2017

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Tetra Bio-Pharma|22 March 2017 Table of contents

2 Alpha Deal Group Intelligence

Table of Contents

Key Developments 3

Investment Thesis 7

Financials 13

Share Price 15

Disclaimer and Notes 16

Tetra Bio-Pharma Inc.| 22 March 2017 Key Developments


Key Developments

Entered into binding term sheet for two products with Panag Pharma In March 2017, TBP entered into a binding term sheet with Panag Pharma Inc. for the development and commercialization of novel cannabinoid based formulations for the treatment of pain and inflammation. The US is expected to be one of the largest markets for the two products considering that in 2014 it was estimated at a figure of $5.5bn. Per the binding term sheet, Tetra will have exclusive access to sell the ocular and topical drug products in North America with right of first negotiation for outside US and Canadian territories. In addition, Tetra will have a right of first negotiation for future products. The partnership will further allow the Company to generate revenues in 2017 and demonstrated its commitment to shareholders to add future products to its product portfolio in an effort of building a leading biopharmaceutical organization.

Drug Development & Commercialization Plans According to the Canadian and the US drug regulatory agencies, there is no evidence to support the safety and efficacy of marijuana for use in the treatment of pain or any other indication. TBP product development plan would provide the data necessary for drug regulatory agencies to grant marketing approval and physicians to prescribe or recommend its cannabis based products. In addition, as medical cannabis becomes legalized across the globe the medical and scientific community would still require pharmaceutical consumer drug products developed with proper research, data and protocol. Insurance companies will only be able to cover the cost of products with Drug Identification Numbers. TBP plans to take the natural aspects of medical cannabis and applies the science of pharma to develop products that patient want, doctors want to prescribe and insurance companies will cover.

We believe that that physicians would rather prescribe an approved FDA product vs. unapproved medical marijuana. Medical marijuana can have batch-to-batch inconsistency, leading to an inability to predictably dose the drug for a desired benefit. In addition, the supply of a specific strain can be locally driven. As a contrast, the Company’s drug will be consistently produced and can be predictably dosed for a desired effect as it will be an FDA regulated drug product.

Initiated Phase I Trial of PPP001 (dried Cannabis) In February 2017, TBP launched its Double-Blind Phase I Study to Assess Safety, Tolerability, Pharmacodynamics and Pharmacokinetics of Single and Multiple Daily Ascending Doses of Cannabis (Delta-9-tetrahydrocannabinol/ Cannabidiol) by Smoking/Inhalation in Healthy Male and Female Volunteers. The trial is a first study approved that



could eventually lead to approval of the product as a prescription drug. The study assesses single and 7-day multiple daily ascending doses of smoked cannabis on the cognitive function in healthy adults. It is the first development program aiming to obtain prescription drug approval and government provided insurance coverage for medical marijuana patients. If successful, the approval would set Tetra apart from all other medical marijuana providers who cannot get government provided insurance coverage and reimbursement for their patients. This could prove to be a major value driver for the company, as the lack of reimbursement is a serious obstacle for many patients seeking treatment. The company worked with Algorithme Pharma, an Altasciences company, to develop the clinical trial application. Algorithme Pharma has already begun recruiting subjects for the trial, which is expected to last 3 to 4 months.

PPP001 is being developed for cancer patients with moderate-to-severe pain and that are not adequately controlled with the standard of care. Approximately 50% of cancer patients suffer from pain and more than 600,000 of these patients suffer from moderate-to-severe pain. In the US, there are over 4 million cancer patients and this pain market is valued at over $5bn.

Developing prescription botanical based pharmaceuticals requires a high quality GMP system and well-established product specifications to ensure consistent efficacy and ultimately protect the safety of patients. TBP has signed a supply agreement with Access to Cannabis for Medical Purpose Regulations (ACMPR) licensed producer Aphria Inc. (TSX VENTURE: APH) (OTCQB: APHQF) for the supply of dried medical cannabis as an Active Pharmaceutical Ingredient (API) for PPP's inhalation cannabis product PPP001. We believe that Aphria’s high quality GMP medical cannabis production facility and impressive quality assurance team will meet the expectations of both the Canadian and USA prescription drug authorities.

The Company to provide an update on its topical drug trial, PPP002 trial, and its FDA meeting in Q1’17. The Company’s goal would be to have products through clinical trials in the beginning of 2018 before launching them.

Signed Term Sheet with IntelGenx for the Development & Commercialization of a Dronabinol XL Tablet In February 2017, signed a binding term sheet for the development and commercialization of a drug product containing dronabinol. Under the binding term sheet, Tetra will have exclusive rights to sell the product in North America with a right of first negotiation for outside the US and Canada. The US cancer pain market is expected to reach $5bn in 2018. Intelgenx will be responsible for research and development of product, including clinical studies and will develop product as an oral mucoadhesive tablet. TBP will be responsible for funding the product development, and will own and control all regulatory approvals. TBP



intends to develop Dronabinol AdVersa® Mucoadhesive tablet as an analgesic for the management of Breakthrough Cancer Pain. Once the safety and efficacy is demonstrated in patients, this drug product will be eligible for approval under the 505(b)(2) New Drug Application (NDA) path. The 505(b)(2) pathway represents a significant reduction in time and cost to market. We believe that with both PPP001 and AdVersa development, TBP is on track with its objective to bring Cannabis-based prescription drugs to the market. Both of these products are promising alternatives in the battle for the reduction of opioids and improving quality of life in patients with chronic pain.

Entered into Distribution and Supply Agreement with Engen Medical Corporation Agro-Tek entered into a five (5) year exclusive supply and distribution agreement with Engen Medical for the Canadian distribution of its Munchies B Gone gum. Agro-Tek will have exclusive sales and distribution rights in Canada. Engen will be responsible for all manufacturing and regulatory aspects. Approximately $500m of chewing gum was sold in Canada last year and $3.5bn was sold in the US. Sugar-free gum, is expected to show the greatest growth within the sector in both Canada and the US over the next few years.

(Source: The Globe and Mail published Wednesday, February 04, 2015). The worldwide chewing gum market grew by about 20% between 2009 and 2014, reaching $24.7bn in 2014. And it is projected to grow another 32% to $32.5bn by 2019. (Source: The EuroMonitor).

Receives Notice of Authorization from Health Canada for the Conduct of its Clinical Trial with its PPTGR topical product In February 2017, PhytoPain Pharma received a Notice of Authorization from the Therapeutic Products Directorate, Health Canada, for its planned clinical trial for PhytoPain Topical Gel Relief (“PPTGR”), being developed as a locally administered therapeutic for the treatment of Chemotherapy-Induced Neuropathic Pain (“CIPN”). CIPN is a common adverse effect of cancer therapy and a frequent reason why cance patients stop their treatment early.

Completes Pre-IND Meeting with Food and Drug Administration on PPP001 In January 2017, TBP completed a pre-IND meeting with the US FDA Division of Anesthesia, Analgesia, and Addiction Products (“DAAAP”) Center for Drug Evaluation and Research. During the meeting, the FDA provided guidance on the design of Phase I clinical trials and the overall program, while validating that the company was on the right track. With the path clearly defined, the Company plans to apply for marketing approval in both the US and Canada by early 2019. We believe that the interim data from the Phase I clinical trials could provide a solid catalyst



for the stock, while Phase II clinical trial results could be an important precursor to commercialization partnerships. These partnerships and/or a commercial launch could unlock significant value for shareholders.

Entered into a Clinical Research Partnership with Santé Cannabis, Québec’s Leading Medical Cannabis Institution In January 2017, TBP entered into a clinical research partnership with Santé Cannabis. Under the partnership, Santé Cannabis will be working with PPP to develop the late phase clinical trial protocols that will be used to obtain substantial evidence of the safety and efficacy of PPP001 required for a new prescription drug approval from Health Canada and the US FDA. Santé Cannabis is a private clinic specialized in the clinical application of medical cannabis for the treatment of pain and other chronic and terminal health conditions.

Enters into Binding Letter of Intent for Co-Development and Commercialization of Health Care Products Containing Cannabinoids and Closes a Private Placement In January 2017, TBP entered into a binding letter of intent to form a JV with Ford’s Family Pharmacy and Wellness Center (“FFP”) in Moncton, New Brunswick. The primary objective of this venture is the development and commercialization of cannabinoid-based products for the Canadian health care market with a special focus on CBD and THC-free cannabis products for the USA cosmetic and supplement market.

Tetra Bio-Pharma Inc.| 22 March 2017 Investment Thesis


Investment Thesis

Thesis unchanged; TBP is making tremendous progress in the execution of its strategy to become a leading biopharmaceutical company in developing and commercializing cannabis prescription drugs.

Pharmaceutical Approach to Cannabis Research and Medical Innovation Cannabis preparations exert numerous therapeutic effects. They have antispastic, analgesic, antiemetic, neuroprotective, and anti-inflammatory actions, and are effective against certain psychiatric diseases. Despite such potential, physicians cannot ethically prescribe or recommend a powerful pharmaceutical whose effects are not at least reasonably well-known. If there were a condition with a lot of anecdotal data and no other effective treatment, and the risks of the condition were such that they outweighed the health risks and dependence potential of marijuana, physicians would have something to work with. But for now, people who want to take cannabis cannot count on a doctor to approve it for them.

According to the Canadian and the US drug regulatory agencies, there is no evidence to support the safety and efficacy of marijuana for use in the treatment of pain or any other indication. TBP product development plan would provide the data necessary for drug regulatory agencies to grant marketing approval and physicians to prescribe or recommend its cannabis based products. In addition, as medical cannabis becomes legalized across the globe the medical and scientific community would still require pharmaceutical consumer drug products developed with proper research, data and protocol. Insurance companies will only be able to cover the cost of products with Drug Identification Numbers. TBP plans to take the natural aspects of medical cannabis and applies the science of pharma to develop products that patient want, doctors want to prescribe and insurance companies will cover.

We believe that that physicians would rather prescribe an approved FDA product vs. unapproved medical marijuana. Medical marijuana can have batch-to-batch inconsistency, leading to an inability to predictably dose the drug for a desired benefit. In addition, the supply of a specific strain can be locally driven. As a contrast, the Company’s drug will be consistently produced and can be predictably dosed for a desired effect as it will be an FDA regulated drug product.

TBP Product Pipeline TBP has a strong pipeline of cannabis sativa based prescription drugs. The Company’s key product is PPP001 which is a medical marijuana product that the Company is developing as a prescription controlled



drug for inhalation using a fully assembled titanium pipe. In addition to PPP001, the Company is pursuing a number of other clinical programs designed to leverage the botanical rather than a synthetic. Its PPP002 program is a Phase III botanical drug that is targeting insomnia in chronic pain patients, while its PPP003 is a combination oral product designed to treat chronic pain, PTSD, and neurological conditions. The Company also has a strong pipeline of natural health products that includes AGT001, a topical product for pain management; AGT002 product line‐oral for cardiovascular disease prevention, athletic performance, and well‐being; AGT003 product line for skin care; AGT004 for women‐quality of life.

Developing prescription botanical based pharmaceuticals requires a high quality GMP system and well-established product specifications to ensure consistent efficacy and ultimately protect the safety of patients. TBP has signed a supply agreement with Access to Cannabis for Medical Purpose Regulations (ACMPR) licensed producer Aphria Inc. (TSX VENTURE: APH) (OTCQB: APHQF) for the supply of dried medical cannabis as an Active Pharmaceutical Ingredient (API) for PPP's inhalation cannabis product PPP001. We believe that Aphria’s high quality GMP medical cannabis production facility and impressive quality assurance team will meet the expectations of both the Canadian and USA prescription drug authorities.

The Company has received approval for the conduct of a Double-Blind Phase I Study by Therapeutic Products Directorate (TPD) of Health Canada. The study will assess Safety, Tolerability, Pharmacodynamics and Pharmacokinetics of Single and Multiple Daily Ascending Doses of Cannabis (Delta-9-tetrahydrocannabinol/ Cannabidiol) by Smoking/Inhalation in Healthy Male and Female Volunteers. It would then provide an update on its topical drug trial, PPP002 trial, and its FDA meeting in Q1’17. The Company’s goal would be to have products through clinical trials in the beginning of 2018 before launching them.

Securing the evidence for smokable marijuana (PPP001) Marijuana-infused edibles have become a popular way to consume Tetrahydrocannabinol (THC) and Cannabidiol (CBD) without smoking the dried plant, but there are some key differences in the way that the drug is metabolized that could impact its medicinal value. The liver metabolizes edible THC, producing an active metabolite that is very effective at crossing the blood-brain barrier where it eventually produces a ‘high’ feeling. By contrast, when a consumer inhales marijuana, the majority of cannabinoids enter the body through the lungs where they are passed along directly into the consumer’s blood stream. The effect is almost instantaneous. Another benefit to inhalation is the ability to easily titrate one’s dose, making overconsumption less likely. Inhaled cannabis also leads to higher concentrations of THC in the blood, which tends to be roughly 50-60% compared to just 10-20% for edibles. In a 2007 study in the Journal of Chemistry and Biodiversity, subjects who consumed cannabis via inhalation reported feeling the effects of the medication within minutes,



with peak effects around the hour mark and total duration of effects around two hours. These dynamics are important to consider from a medical perspective. The delay between the ingestion of edible THC and the onset of the ‘high’ effects could lead to overconsumption among patients. Individual differences in metabolism also make it difficult to come up with specific dosing and instructions applicable to everyone. By comparison, the instantaneous effects of inhaled cannabis enables patients to adjust their dosing as needed. Several studies have also shown that cannabis smokers don’t have higher rates of lung cancer – a key concern among doctors prescribing these treatments. For example, one study looked at 2,159 lung cancer cases and 2,985 controls from six case-control studies across the US, Canada, the UK, and New Zealand. The results provided little evidence for an increased risk of lung cancer among habitual or long-term cannabis smokers.

TBP is securing the evidence to prove that smokable medical marijuana has a place in healthcare by conducting rigorous clinical studies. Till date, nobody has proven to regulators that smokable cannabis has any medical benefits, therefore, it remains a Schedule I Controlled Substance in the United States and illegal in other countries as well. The Company believes that its smokable medical marijuana would provide patients with a better natural alternative to synthesized chemical concoctions being developed by other companies in the space. With so many patients already using smokable medical marijuana, the Company also has access to a wide patient population where it can draw data to support its clinical studies and ultimately secure regulatory approvals.

Natural Health Product Strategy The Company’s Agro Tek (AGTK) subsidiary is focused on acquiring, manufacturing and distributing natural health products (NHP) containing cannabis and other non-psychoactive cannabinoids. Its NHP pipeline includes product for pain management, cardiovascular disease prevention, athletic performance, and well-being, among others. TBP is targeting both Canada and the US supplement (OTC) markets. AGTK intends to acquire formulations and established brands with the goal of integrating its cannabis R&D into the less regulated NHP market.



CBD or THC containing dietary supplements are currently not allowed on the US market. The Company has been awarded a National Sciences and Engineering Research Council of Canada (NSERC) Engage Grant partnership with McGill University that will allow AGTK to achieve its commercial strategy to launch cannabis-derived supplements that comply with the existing Canadian and the US federal regulations regarding cannabis and cannabinoid content. The goal of the McGill University partnership is the development of extracts of the plant cannabis sativa, including THC and CBD-free for the development of dietary supplements. In October 2016 AGTK acquired multiple intellectual property assets related to the initiation of manufacturing and distribution of products for natural health care including products containing extracts or oils derived from cannabis sativa. TBP aims to generate revenues in the first six months of 2017 itself by selling products that are easier to bring to the market in terms of natural product through AGTK. The Company may also seek to acquire additional product lines as well as license products for distribution in North America. Management expects revenue of approximately CAD1.2mn from the sales of these products in FY2017.

Significant Market Opportunity: Along with medicinal and recreational cannabis, natural health products containing non-psychoactive cannabinoids such as cannibidiol (CBD) are widely gaining popularity particularly in the US where more favorable CBD regulations exist. According to Hemp Industries Association (HIA), the total estimated size of the 2015 hemp market including CBD products, foods, personal care products, and others stood at $573mn, an estimated 10% increase over 2014. Hemp-based personal care products made up 26% of total sales, or $147mn, followed by industrial applications, consumer textiles, and others.



US Hemp-Based Product Sales by Category (2015)

Source: Hemp Industries Association, Alpha Deal Group

Pain Management: Compelling Market Opportunity

Globally, over 1.5 billion people (one in five individuals) suffer from chronic pain. In the US alone, studies suggest that chronic pain affects over 116 million people, i.e., over 30% of the population, a greater percentage than that of heart disease, cancer, and diabetes combined. In addition, The Institute of Medicine (IOM) of the National Academies notes that the annual economic burden associated with chronic pain exceeds $635bn, including medical treatment and lost productivity. In fact, 40 million doctor visits and 515 million lost workdays annually are attributable to chronic pain. Approximately 10% of chronic pain patients experience disabling pain that so affects their daily activities and quality of life that the consider suicide, as per IOM. Despite the treatment options, global prevalence is on the rise, reflecting a) an aging population, b) longer lifespans due to medical innovation, c) a higher number of failed surgeries, and d) increased awareness of pain.

Peer Comparison The Company’s biggest competitor is GW Pharmaceuticals with market

cap of ~$3bn. GW Pharma is focused on fairly complex and secure

elements like epilepsy and multiple sclerosis. Their timeline of the

product to the market is quite extensive, approximately 10 years;

whereas, TBP is following more accelerated approach and looking at

fairly less complex elements that exist in the society such as insomnia

and chronic disease. This forms the foundation for the orphan drug

designation that the Company has applied for. In the US, there are many

pharma companies that are doing R&D on the synthetic cannabis,

mainly due to regularity environment in the US where it is difficult for

the pharma companies to conduct R&D on biological or real cannabis.

Personal Care, 26%

Industrial Applications, 20%Consumer

Textiles, 17%

Food, 16%

Hemp CBD, 11%

Supplements, 8%Other Consumer

Products, 2%



TBP is a biopharmaceutical cannabis company that has taken a unique

approach to the medical cannabis market by advancing smokable

marijuana products. In addition, the Company is developing botanical

solutions with the goal of reaching into the biopharmaceutical market.

TBP is focused on products that are already being used in the medical

cannabis industry such as smoked cannabis and is simply applying the

pharmaceuticals protocol in the scientific research. We believe that TBP

is extremely under-valued at its current market cap of CAD66mn relative

to other companies. We believe that growth potential for the Company

is significant given that it will be able to leverage the favourable

regulatory structure in Canada to develop pharmaceutical products for

distribution across the world. We see potential for a significant re-rating

of the stock to levels of around two-three times the current share price.

Exchange Headquarter Market Cap Commentary

AIM: GWP UK USD3.0bn

Has 2 products in its pipeline in stage 1 and stage 3 for epilepsy and MS

OTCPK: CBIS US USD194.3m Conducts qualitative research on medicinal cannabis in a non-pharmaceutical manor

NasdaqGM: INSY

US USD715.5m

Traditional pharma company that was awarded organ drug status for CBD for treatment of GBM. They do not have any current clinical trials

NasdaqGM: ZYNE

US USD253.1m Developing a synthetic THC transdermal patch as well as a synthetic CBD gel

NasdaqGM: CARA

US USD425.4m R&D on Cannabinoid preceptors. Utilizing synthetic compounds

Source: TBP, Alpha Deal Group, CapIQ

Tetra Bio-Pharma Inc.| 22 March 2017 Financials


Tetra Bio-Pharma Inc. (CSE: TBP) Financials

All numbers are in (CAD 000's)

Operating Expenses Nov-14 Nov-15

Management fees 69 99

Travel and promotion expense 34 110

Professional fees 51 200 Stock based copensation 0.1 73 Listing expense - 117

Impairment of land - 21

General and administrative expense 210 29

Total expenses 364 649

Other income

Interest and other (income)/loss 0.1 (4)

Assigment of letters of intent - (50)

Foreign exchange loss - 0.2

Net Loss 364 595

Balance Sheet

Current assets

Cash and cash equivalents 36 20 Other current assets 27 6

Total Current Assets 62 26 Deferred building costs 13 14 Deposit on land 15 -

Total Assets 90 40

LiabilitiesAccounts payable 99 270

Total Liabilities 99 270

Equity

Share capital 317 603 Warrants 38 126

Accumulated deficit (364) (959)

Shareholders equity (8) (230)

Liabilities and Shareholders equity 91 40

Cash flow statement

Net loss for the period (364) (595)

Cash flow from operating activities (147) (217)


Investing activities

Cash flow from investing activities (28) 202

Cash flow from investing activities (28) 202

Financing activities

Cash flow from financing activities 210 (0.4)

Cash flow from financing activities 210 (0)

Cash flow for the period 36 (16)

Cash at the beginning of the period - 36

Cash and cash equivalents at end of period 36 20

Annual



All numbers are in (CAD 000's)

Operating Expenses Aug-15 Aug-16

Management fees 74 258

Travel and promotion expense 96 18

Professional fees 134 77

Exchange and regulatory fees 39 25

Stock based copensation - -

Listing expense 117 -

Impairment of land 15 14

Land lease of payments - 6

General and administrative expense 24 21

Total expenses 500 419

Other income

Interest and other (income)/loss (253) (28)

Assigment of letters of intent - -

Foreign exchange loss 0.3 (0.01)

Net Loss 247 391

Balance Sheet

Current assets

Cash and cash equivalents 8 48

Other current assets 287 38

Total Current Assets 295 86

Deferred building costs 14 -

Total Assets 309 86

Liabilities

Accounts payable 264 270

Total Liabilities 264 270

Equity

Share capital 603 838

Warrants 50 140

Contributed surplus 2 188

Accumulated deficit (610) (1,345)

Shareholders equity 45 (179)

Non Controlling Interest - (4)

Liabilities and Shareholders equity 309 86

Cash flow statement

Net loss for the period (247) (391)

Others (229) (323)


Investing activities

Purchase of fixed assets 202 -

Cash flow from investing activities 202 -

Financing activities

Issuance of preferred stock (0.3) 351

Cash flow from financing activities (0.3) 351

Cash flow for the period (28) 28

Cash at the beginning of the period 36 20

Cash and cash equivalents at end of period 8 48

9 months ended

Tetra Bio-Pharma Inc.| 22 March 2017 Disclaimer


Disclaimer

This material has been prepared by Alpha Deal Group, L.L.C. This document is for information and illustrative purposes only and does not purport to show actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action. Opinions expressed herein are current opinions as of the date appearing in this material only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No representation is being made that any account, product, or strategy will or is likely to achieve profits, losses, or results similar to those discussed, if any. No part of this document may be reproduced in any manner, in whole or in part, without the prior written permission of Alpha Deal Group, L.L.C, other than to your employees. This information is provided with the understanding that with respect to the material provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. Alpha Deal Group, L.L.C does not purport to and does not, in any fashion, provide broker/dealer, consulting or any related services. You may not rely on the statements contained herein. Alpha Deal Group, L.L.C shall not have any liability for any damages of any kind whatsoever relating to this material. You should consult your advisors with respect to these areas. By accepting this material, you acknowledge, understand and accept the foregoing.

Research Dissemination Policy

Alpha Deal Group, LLC makes its research products available in electronic and/or printed formats and simultaneously distributes them to its institutional clients who are entitled to receive them. The Action Notes are distributed by email, and are available in PDF form on Thomson Reuters Eikon. All research is available by password to entitled institutional clients at https://www.alphadealgroup.com

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Tetra Bio-Pharma Inc.| 22 March 2017 Disclaimer


Analyst Certification

All of the views expressed in this report accurately reflect the personal views of the responsible analyst(s) about any and all of the subject securities or issuers. No part of the compensation of the responsible analyst(s) named herein is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the responsible analyst(s) in this report.

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