Business
Sunshine Biopharma’s Annual Letter to Shareholders
MONTREAL, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Sunshine Biopharma Inc. (NASDAQ: “SBFM”), a pharmaceutical company offering and researching life-saving medicines
About this update from Sunshine Biopharma Inc.
[{"type":"text","content":"MONTREAL, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Sunshine Biopharma Inc. (NASDAQ: “SBFM”), a pharmaceutical company offering and researching life-saving medicines in a variety of therapeutic areas including oncology and antivirals today issued a letter to shareholders from Dr. Steve Slilaty, Chairman and CEO of the Company. Dear Fellow Sunshine Biopharma Shareholders, On behalf of Sunshine’s Board of Directors, our senior management team, and employees, we are delighted to have you as our shareholders and as valued stakeholders of our corporate family. I am writing this letter to provide you with some of the important developments that have occurred at Sunshine over this past year and some insights into what we see ahead. 2022 has been a transformative year for the Company despite some challenging headwinds with the economy and financial markets. On February 17, we completed an $8 million public offering and up-listed to NASDAQ. Shortly thereafter on March 14, we completed a private placement for total gross proceeds of another $8 million and on April 28 we closed a third offering for $19.5 million in gross proceeds. These offerings, together with additional funds of approximately $12 million received from the exercise of warrants included in the aforesaid offerings, enabled us to expand our proprietary drug development program and complete a key acquisition which set us on the path of becoming a fully-integrated biopharma company. In April, 2022, we announced our biopharma pipeline developments for mRNA molecules capable of destroying multidrug resistant cancer cells grown in culture. The cytotoxicity tests were performed on a variety of cancer cells including multidrug resistant, breast, ovarian, and pancreatic cancer cells. Soon after announcing these findings, the Company filed a provisional patent application for composition and utility subject matter pertaining to the structure and sequence of these mRNA molecules in the United States. These mRNA molecules bear the laboratory designation K1.1. During the early summer as the transmissibility of the Covid Omicron variants became more widespread we expanded our collaboration with the University of Arizona to accelerate the development of our novel PLpro inhibitors for our anti-Coronavirus treatment program. In October 2022 we announced what we consider to be our crown achievement ...