Business
Propanc Biopharma Enters Into a $3 Million Financing with Institutional Investor
Company Plans to Undertake GMP Manufacture of PRP for a First-In-Human (FIH) Study in Advanced Cancer Patients MELBOURNE, Australia--(BUSINESS WIRE)--
About this update from Propanc Biopharma, Inc.
[{"type":"text","content":"\nCompany Plans to Undertake GMP Manufacture of PRP for a First-In-Human (FIH) Study in Advanced Cancer Patients\n\n MELBOURNE, Australia--(BUSINESS WIRE)--\nPropanc Biopharma, Inc. (OTC: PPCB) (“Propanc” or the “Company”), a biopharmaceutical company developing new cancer treatments for patients suffering from recurring and metastatic cancer, announced today that the company is entering into a financing of up to $3 million with an institutional investor, with an initial $450,000 of securities purchased at closing. Funds raised will be used to undertake an engineering run and full scale GMP manufacture of PRP, the Company’s lead product candidate, as well as validation of the pharmacokinetics method to analyze the distribution of the drug in advanced cancer patients for a FIH study, which the Company intends to undertake at the Peter Mac Center in Melbourne, Australia.\n\n\nTo complete the transaction, the Company entered into a Securities Purchase Agreement for the purchase of 11,250,000 shares of common stock and prefunded warrants issued at closing and 11,250,000 Series A warrants to purchase common stock at $0.20 per share. At closing, the investor was also issued 63,750,000 Series B warrants to purchase common stock at $0.04 per share (for an aggregate maximum exercise price of $2,550,000), and 63,750,000 Series C warrants to purchase common stock at $0.20 per share, which vest upon exercise of the Series B warrants on a ratable basis. Such warrants contain cashless exercise and other cashless conversion provisions. The Company has agreed to register for resale all shares of common stock issued, or underlying securities issued. The Company will provide further information regarding this financing in a Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission.\n\n\n“The completion of this transaction is at a pivotal point for the Company, as we move towards commencing a FIH study for PRP,” said James Nathanielsz, Propanc’s Chief Executive Officer. “Given the unique and challenging situation for humankind due to recent global events, the need to improve our standard of healthcare is ever more urgent. During this time, I am especially thinking of cancer sufferers, who may be exposed to standard treatments like radiation or chemotherapy, having a suppressed immune system and therefore exposure to i...