Devonian Health Group Inc. Listed Primary

What the company does

Devonian Health Group Inc. is a biopharmaceutical company focused on developing and commercializing immunomodulatory treatments for inflammatory diseases with high unmet medical needs, with a current portfolio targeting conditions in dermatology, gastroenterology, hepatology and fibrosis. Its flagship product is Thykamine™, a proprietary plant-based bioactive extract derived from spinach thylakoid membranes, produced at a custom-designed extraction facility using a standardized and validated process. The company has also developed a portfolio of patented cosmetic products and operates Altius Healthcare Group LP, a wholly owned generic pharmaceutical distribution subsidiary that has historically commercialized generic prescription products in Canada.

Use of proceeds

The company expects to receive approximately USD$19.1 million in net proceeds from the offering (approximately USD$22.1 million if the over-allotment option is exercised in full), after deducting estimated underwriting discounts and offering expenses. It intends to use the proceeds to fund clinical studies in prevention of radiodermatitis (approximately USD$2.5 million) and Phase 2 of the Phase 2/3 clinical development in mild-to-moderate atopic dermatitis in children (approximately USD$5.5 million), as well as for new mechanism of action studies (USD$2.0 million), extraction facility ramp-up (USD$2.0 million), business development efforts targeting pharmaceutical partnerships (USD$1.0 million), drug formulations (USD$0.75 million), and the balance for general working capital needs.

Underwriters

Extracted from F-1/A 0001104659-26-104757, filed Sep 2, 2026 and verified against that filing text.

Key risk factors

• Broad discretion over use of proceeds

  “Because of the number and variability of factors that will determine the use of such proceeds, the Company’s ultimate use might vary substantially from its planned use.”

• Speculative nature of investment

  “An investment in the Common Shares and Warrants of the Company is speculative and may result in the loss of an investor’s entire investment.”

• No operating experience as a US public company

  “We have no operating experience as a publicly traded company in the United States.”

• Increased costs and management burden of US public company status

  “We will incur significantly increased costs and devote substantial management time as a result of operating as a United States public company.”

• Offering contingent on NYSE American listing approval

  “It is a condition precedent to the underwriters’ obligation to purchase the securities being offered in this offering that NYSE American approve the listing of our Common Shares and Warrants.”

• Foreign private issuer reduced governance requirements

  “As a foreign private issuer, we intend to follow certain home country corporate governance practices instead of certain NYSE American corporate governance requirements applicable to United States domestic companies.”