Company Reports Significant Increase in Cash on Hand as a Result of Recent Financings
Montreal, Quebec, Canada – (GLOBE NEWSWIRE) – Sunshine Biopharma, Inc. (NASDAQ: “SBFM” and “SBFMW”), a pharmaceutical company focused on the research, development and commercialization of oncology and antiviral drugs, today announced that it has filed its 2022 second quarter report with the Securities and Exchange Commission. The Report shows that the Company had Cash & Cash Equivalents of $41,727,775 as of June 30, 2022, compared to $2,045,167 as of December 31, 2021.
The following are some of the highlights of the Company’s 2022 report for the six months ended June 30, 2022:
- In February, the Company completed a registered securities offering of its Common Stock together with Tradeable Warrants for gross proceeds of approximately $8 million and began trading on the Nasdaq Stock Exchange under the ticker “SBFM” for the Common Stock and “SBFMW” for the Tradeable Warrants.
- On March 14, 2022, the Company received gross proceeds of an additional $8 million from a private placement of Common Stock and Non-Tradeable Warrants with certain institutional and accredited investors.
- On February 18, 2022, the Company entered into a research agreement with the University of Arizona for the purposes of advancing the development of novel Coronavirus PLpro inhibitors owned by University of Arizona and University of Illinois Chicago. Under the research agreement, the University of Arizona granted the Company a first option to negotiate for a commercial, royalty-bearing license for all intellectual property pertaining to the research project.
- During the first six months of 2022, the Company continued to build sales momentum for its Essential 9TM science-based supplement, with sales increasing to $272,952 compared to $92,032 in the first half of 2021.
- The Company had a net loss of $1,775,106 in the first half of 2022, compared to a net loss of $9,064,180 in the first half of 2021.
Sunshine Biopharma’s CFO, Camille Sebaaly stated, “We are very pleased with the progress of our Company as a whole. We believe the uplisting to NASDAQ was a major step towards building a world-class pharmaceutical company. The strengthened balance sheet is crucial for our current drug development activities and near-term expansion plans.”
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 6.4 million people worldwide since it first appeared in December 2019. Sunshine Biopharma is working on the development of a treatment for COVID-19 and has completed the synthesis of four potential inhibitors of PLpro and subsequently identified a lead compound, SBFM-PL4. In addition, the Company recently expanded its research efforts into finding other PLpro inhibitors by entering into a collaboration agreement with the University of Arizona. The collaboration is focused on determining the safety, pharmacokinetics, and dose selection properties of three University of Arizona owned PLpro inhibitors, to be followed by efficacy testing for SARS-CoV-2 in animal models. The Company holds the first option to negotiate for a commercial, royalty-bearing license for all intellectual property related to the project.
In addition to working on the development of a treatment for COVID-19, Sunshine Biopharma is engaged in the development of anticancer therapies, including (i) Adva-27a, a small molecule targeted for multidrug resistant cancer, and (ii) recently identified mRNA molecules displaying anticancer properties. The mRNA molecules have a potential of being delivered to patients using the recently developed RNA vaccine technology. Tests conducted on Adva-27a have shown that it is effective at destroying Multidrug Resistant Cancer Cells, including Pancreatic Cancer cells, Small-Cell Lung Cancer cells, Breast Cancer cells, and Uterine Sarcoma cells. Clinical trials for Pancreatic Cancer indication are planned to be conducted at McGill University’s Jewish General Hospital in Montreal, Canada. Sunshine Biopharma is owner of all patents and intellectual property pertaining to Adva-27a.
Cautionary Note Regarding Forward Looking Statements
This press release and statements of the Company’s management made in connection therewith contain “forward-looking statements” (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events. Words such as “may”, “could”, “expects”, “projects,” “intends”, “plans”, “believes”, “predicts”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact. These statements involve known and unknown risks and are based upon several assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors described in the Company’s filings with the SEC. The Company’s SEC filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, Sunshine Biopharma, Inc. (the “Company”) expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward- looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based.
For Additional Information:
Sunshine Biopharma Media Contacts: TraDigital IR
Direct Line: 917-633-8980 [email protected]
Sunshine Biopharma Inc. Contacts: Camille Sebaaly, CFO