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Posted On: 03/31/2021 1:31:53 PM
Post# of 44025
$SBFM received a total of $2,054,000 to date from the recently announced committed minimum financing of $2,000,000 with RB Capital Partners Inc. The financing is in the form of fixed-price convertible debt which now stands at a weighted average conversion price of $0.43 per share. This debt is obligatorily convertible on or before the maturity date.
The proceeds will be used for the ongoing development of the Company’s Coronavirus Treatment on a priority basis and the clinical development of Adva-27a, the Company’s flagship anticancer compound targeted for pancreatic cancer. Development of both projects is currently underway and the research is progressing as planned. On February 1, 2021, Sunshine Biopharma initiated a transgenic mice study for two Anti-Coronavirus compounds in collaboration with the University of Georgia. The goal of the ongoing study is to determine if these protease inhibitors will protect the hACE2-transgenic mice from progression to disease and death following infection with SARS-CoV-2. Should these mice studies prove successful, Sunshine Biopharma plans to submit the results to the FDA and Health Canada for authorization to conduct testing on actual COVID-19 patient volunteers in a Phase I clinical trial setting.
The proceeds will be used for the ongoing development of the Company’s Coronavirus Treatment on a priority basis and the clinical development of Adva-27a, the Company’s flagship anticancer compound targeted for pancreatic cancer. Development of both projects is currently underway and the research is progressing as planned. On February 1, 2021, Sunshine Biopharma initiated a transgenic mice study for two Anti-Coronavirus compounds in collaboration with the University of Georgia. The goal of the ongoing study is to determine if these protease inhibitors will protect the hACE2-transgenic mice from progression to disease and death following infection with SARS-CoV-2. Should these mice studies prove successful, Sunshine Biopharma plans to submit the results to the FDA and Health Canada for authorization to conduct testing on actual COVID-19 patient volunteers in a Phase I clinical trial setting.
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