Business
Propanc Biopharma Receives Investment from Institutional Investor
Company continues to prepare its lead product candidate, PRP, for a Phase IB, First-In-Human study, in advanced cancer patients suffering from solid tumors
About this update from Propanc Biopharma, Inc.
[{"type":"text","content":"\nCompany continues to prepare its lead product candidate, PRP, for a Phase IB, First-In-Human study, in advanced cancer patients suffering from solid tumors\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 received an additional investment tranche from a lead institutional investor to support company operations and working capital needs. To date, a, total of $550,000 has been funded by the institutional investor of a $3,000,000 financing agreement, as the company prepares its lead product candidate, PRP, for a Phase IB, First-In-Human study, in advanced cancer patients suffering from solid tumors.\n\n\n“We are pleased to receive ongoing financial support from our lead institutional investor as we transition PRP into the clinic,” said Carlo Campiciano, Propanc’s Chief Financial Officer, “The investment will be utilized to support our operations, as well as preparing for undertaking R&D activities, including validation of a pharmacokinetics method and a quality assurance review, as we advance towards the finished product manufacture of PRP for our upcoming clinical study, which we hope to commence early 2021.”\n\n\n“We recognize and appreciate the support of our shareholders, as we undertake an important transformation to a clinical stage biopharma company,” said James Nathanielsz, Propanc’s Chief Executive Officer. “With our attractive R&D tax incentive benefit for local and approved overseas activities from the Australian Government, we have an opportunity to recoup a portion of our development expenses upon the achievement of near-term development milestones for PRP,” said James Nathanielsz.\n\n\nAbout Propanc Biopharma, Inc.\n\n\nPropanc Biopharma, Inc. (the “Company”) is developing a novel approach to prevent recurrence and metastasis of solid tumors by using pancreatic proenzymes that target and eradicate cancer stem cells in patients suffering from pancreatic, ovarian and colorectal cancers. For more information, please visit www.propanc.com.\n\n\nThe Company’s novel proenzyme therapy is based on the science that enzymes stimulate biological reactions in the body, especially enzymes secreted by the pancreas. T...