Nascent Biotech Reduces Liabilities by Over 1.8 Million Dollars

Rhea-AI Summary

Nascent Biotech, Inc. (OTCQB:NBIO) announced a significant reduction in liabilities, converting $1.6 million in debt to equity and paying off over $200,000 in liabilities. CFO Lowell Holden highlighted that this debt reduction could enhance investments in upcoming clinical trials for brain cancer. CEO Sean Carrick expressed confidence that the decreased debt will boost shareholder confidence and positively impact the market as the company continues to monetize its assets. The firm is advancing its lead candidate, Pritumumab, for brain cancer trials later this year.

Positive

• Converted $1.6 million in debt to equity, enhancing financial stability.
• Paid off over $200,000 in liabilities, improving balance sheet.
• Potential investment in clinical trials for brain cancer, indicating growth opportunities.

Negative

• None.

SAN DIEGO, CA / ACCESSWIRE / August 11, 2020 / Nascent Biotech, Inc. (OTCQB:NBIO) Announced today that It has significantly reduced its liabilities through stock conversion and payment of accrued liabilities. The reduction was achieved through the conversion of $1,600,000 in debt to equity and the payment of over $200,000 of liabilities.

Nascent's CFO Lowell Holden stated, "I believe the Company has continued to be undervalued and the debt reduction allows the Company to invest funds into opening the clinical trials for brain cancer.

Nascent's CEO Sean Carrick added," Shareholder confidence in the Senior Management team and the Company's asset along with this significantly reduce of Company debt will help to move our assets forward. This reduction of debt should result in a positive market impact, as Nascent continues to monetize its assets."

About Nascent Biotech, Inc.:

Nascent Biotech, Inc. (OTCQB: NBIO) is a clinical-stage biotech company pioneering the development of monoclonal antibodies (mAbs) for the treatment of incurable cancers such as brain and pancreas, as well as hard-to-treat cancers such as colon and lung. Nascent is also employing its mAbs as part of treatments for dangerous viral infections, such as COVID-19. Collectively, cancers and viral infections afflict and kill tens of millions worldwide each year. Nascent's products are not commercially available. Our lead candidate, Pritumumab (PTB), is a fully-human mAb that will commence study in an FDA-approved Phase I clinical trial later this year for the treatment of primary and metastatic brain cancer, including glioblastoma and malignant astrocytoma. Development of PTB as a potential treatment for COVID-19 has been initiated. For more information, visit www.nascenbiotech.com.

Safe Harbor:

Statements in this press release about our future expectations constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, Nascent Biotech Inc's ability to target the medical professionals; Nascent Biotech Inc's ability to raise capital; as well as other risks. Additional information about these and other factors may be described in the Nascent Biotech Inc's Form 10, filed on May 2, 2015, and future subsequent filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Contact: Nascent Biotech Inc.

Sean Carrick
President | CEO
Nascent Biotech, Inc.
6330 Nancy Ridge Dr
Suite 105
San Diego CA 92121
772.713.0541 Cell
sean.carrick@nascentbiotech.com

SOURCE: Nascent Biotech Inc.

View source version on accesswire.com:
https://www.accesswire.com/601103/Nascent-Biotech-Reduces-Liabilities-by-Over-18-Million-Dollars

FAQ

What recent financial actions did Nascent Biotech (NBIO) take?

Nascent Biotech reduced its liabilities by converting $1.6 million in debt to equity and paying off over $200,000 in liabilities.

How will the debt reduction impact Nascent Biotech's clinical trials?

The debt reduction allows Nascent Biotech to allocate funds towards opening clinical trials for brain cancer.

What is the status of Pritumumab for Nascent Biotech (NBIO)?

Pritumumab is set to commence an FDA-approved Phase I clinical trial for brain cancer later this year.

Who are the key figures commenting on the recent press release from Nascent Biotech (NBIO)?

CFO Lowell Holden and CEO Sean Carrick commented on the company's improved financial position and its impact on shareholder confidence.