Sunshine Biopharma Files Its Second Quarter Report With the SEC
August 04 2022 - 8:00AM
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 9™ 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
IRDirect Line: 917-633-8980investors@sunshinebiopharma.com
Sunshine Biopharma Inc. Contacts:Camille
Sebaaly, CFODirect Line:
514-814-0464camille.sebaaly@sunshinebiopharma.comwww.sunshinebiopharma.com
Sunshine Biopharma (NASDAQ:SBFMW)
Historical Stock Chart
From Jul 2024 to Aug 2024
Sunshine Biopharma (NASDAQ:SBFMW)
Historical Stock Chart
From Aug 2023 to Aug 2024