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Sunshine Biopharma Receives $0.9 Million in Additional Funding From RB Capital
MONTREAL, July 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, July 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 received additional funding from RB Capital Partners, Inc. (“RB Capital”) in the amount of $900,000. The investment is in the form of convertible debt with a conversion price set a premium to market of $0.30 per share. This brings the total to just over $3,500,000 that RB Capital has invested in Sunshine Biopharma to date. Sunshine Biopharma will use the proceeds of this new financing to advance the development of the COVID-19 protease inhibitor treatment and Adva-27a, the Company’s flagship anticancer compound. “We are very pleased with the progress that Sunshine Biopharma has been making and we are happy to provide the Company with additional financial support for their drug development efforts,” said Brett Rosen, managing partner of RB capital. “We are delighted to have the continued support of RB Capital,” said Camille Sebaaly, CFO of Sunshine Biopharma. “The funds will be a great shot in the arm for our anticancer and COVID-19 projects, which are progressing as planned,\" he added. 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 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 engineered to express the human angiotensin-converting enzyme 2 (hACE2) transmembrane protein in their lungs making them susceptible...