Sunshine Biopharma Eliminates $ 250,000 of Convertible Floating Rate Debt, Provides OTCQB Listing Status Update
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 $ 250 $ 000 in convertible variable rate debt and plans to eliminate the two similar items remaining on the company’s books in the near future. The company’s application to list the OTCQB was rejected due to the outstanding variable rate loans that appeared in the company’s financial statements at the time of the request. The company can reapply in October 2021.
Sunshine Biopharma CFO Camille Sebaaly said, “We are getting rid of these loans to minimize dilution. Protecting shareholders from harmful dilution is of the utmost importance to the management of Sunshine Biopharma. “
Sunshine Biopharma continues to be a fully reporting issuer as it has been since its inception. The company’s financial statements are audited by a qualified PCAOB firm and its quarterly and annual reports are filed with the SEC under the same requirements as companies listed on the OTCQB or any US stock exchange. Thanks to the investments of RB Capital Partners, the Company will be able to eliminate all harmful debts. This will leave the company’s bottom line 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 more than 3.4 million people worldwide since its onset in December 2019. There are currently no medications. which can effectively stop the virus from replicating in people who have contracted the disease. 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 that 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 study on transgenic mice in collaboration with the University of Georgia, College of Pharmacy. The mice used in the study were genetically engineered to express the human angiotensin-converting enzyme 2 (hACE2) transmembrane protein in their lungs, making them vulnerable to deadly SARS-CoV infection. 2. The SARS-CoV-2 virus uses the hACE2 receptor to enter human cells to replicate. The aim of the study is to determine whether these protease inhibitors will protect hACE2 transgenic mice from disease progression and death following infection with SARS-CoV-2. If these studies in mice prove successful, Sunshine Biopharma plans to submit the results to the FDA for approval to conduct testing on actual COVID-19 volunteer patients in a Phase I clinical trial.
In addition to working on the development of a treatment for COVID-19, Sunshine Biopharma is engaged in the development of Adva-27a, a unique anti-cancer compound. Tests to date have shown Adva-27a to be effective in destroying cancer cells resistant to multiple drugs, including pancreatic cancer cells, small cell lung cancer cells, breast cancer cells and breast cancer cells. uterine sarcoma cells. Clinical trials for the indication of pancreatic cancer are expected to be conducted at the Jewish General Hospital of McGill University in Montreal, Canada. Sunshine Biopharma owns all patents and intellectual property relating to Adva-27a.
Safe Harbor Forward-Looking Statements
This press release may contain forward-looking statements based on current expectations, forecasts and assumptions that involve risks as well as uncertainties that could cause actual results and results to differ materially from those anticipated or expected, including statements relating to the amount and timing. expected income statements regarding our financial performance, expected income, distributions and future growth for the upcoming quarterly and annual periods. These risks and uncertainties are further defined in the Company’s documents and reports to the United States Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected or contemplated in forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other things, the company might not be able to maintain its growth or achieve profitability due to many factors including, but not limited to, general stock market conditions. Cautions are hereby referred to in the Company’s latest filings with the SEC. We have made and will continue to make significant expenditures in the expansion of our existing and new service lines, as there can be no assurance that we will generate enough revenue to offset these costs in the short and long term. Additional service offerings may subject us to additional legal and regulatory costs and unknown exposure (s) depending on the various geopolitical locations in which we will provide services, the impact of which cannot be predicted at this time.
For more information contact:
Camille Sebaaly, Chief Financial Officer
Sunshine Biopharma Inc.
Direct line: 514-814-0464