Business
Sunshine Biopharma Eliminates $250,000 in Variable Rate Convertible Debt and Provides an Update on Status of OTCQB Uplisting
MONTREAL, May 20, 2021 (GLOBE NEWSWIRE) -- Sunshine Biopharma Inc. (OTC PINK: “SBFM”), a pharmaceutical company focused on the research, development and
About this update from Sunshine Biopharma Inc.
[{"type":"text","content":"MONTREAL, May 20, 2021 (GLOBE NEWSWIRE) -- Sunshine Biopharma Inc. (OTC PINK: “SBFM”), a pharmaceutical company focused on the research, development and commercialization of oncology and antiviral drugs, today announced that it has paid off $250,000 in variable rate convertible debt and is planning to soon eliminate the two similar items remaining on the books of the Company. The Company’s application for uplisting to the OTCQB had been declined due to outstanding variable rate loans which were on the Company’s financial statements at the time of the application. The Company can re-apply in October 2021. Sunshine Biopharma’s CFO, Camille Sebaaly stated, “We are in the process of getting rid of these loans to minimize dilution. Protecting the shareholders against harmful dilution is of utmost importance to the management of Sunshine Biopharma.” Sunshine Biopharma continues to be a fully reporting issuer as it has been since inception. The Company’s financial statements are audited by a PCAOB qualified firm and its quarterly and annual reports are filed with the SEC under the same requirements as companies listed on the OTCQB or any U.S. Stock Exchange. As a result of investments from RB Capital Partners, the Company will be able to eliminate all harmful debt. This will leave the Company’s balance sheet with only fixed price conversions. About Sunshine Biopharma Severe Acute Respiratory Syndrome-Coronavirus-2 (SARS-CoV-2) is the causative agent of the ongoing COVID-19 pandemic that has claimed the lives of over 3.4 million people worldwide since it first appeared in December 2019. There are currently no drugs that can effectively arrest replication of the virus in people who have contracted the illness. Sunshine Biopharma has completed the synthesis of four potential inhibitors of PLpro and subsequently identified a lead compound, SBFM-PL4. On February 1, 2021, Sunshine Biopharma entered into an exclusive license agreement with the University of Georgia for two Anti-Coronavirus compounds which the University of Georgia had previously developed and patented. The Company is currently advancing the development of these two compounds in parallel with its own SBFM-PL4 by conducting a transgenic mice study in collaboration with the University of Georgia, College of Pharmacy. The mice being used in the study have been genetically enginee...