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Sunshine Biopharma Reaches $2,000,000+ Financing for Coronavirus Treatment
MONTREAL, March 23, 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, March 23, 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 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. Sunshine Biopharma’s CFO, Camille Sebaaly stated, “We continue to push ahead with the development of our COVID-19 treatment in collaboration with the University of Georgia and our Adva-27a anticancer compound with our corporate partners in Montreal. This investment is integral to our progress in both of these crucial drug development sectors.” About Sunshine Biopharma’s Coronavirus Treatment 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 2.7 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. On May 22, 2020, Sunshine Biopharma filed a patent application for several molecules which were designed to inhibit the Coronavirus PLpro prote...