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Propanc Biopharma Appoints Paul Patrizio as Strategic Advisor to Establish US Based R&D Operating Subsidiary, Cellmed Bio LLC, in New Jersey
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Propanc Biopharma, a biopharmaceutical company focused on cancer treatments, has appointed Paul Patrizio as Strategic Advisor to its executive team. He will facilitate the establishment of Cellmed Bio LLC, a wholly-owned research and development subsidiary in New Jersey, aimed at advancing the company's lead candidate, PRP, into clinical trials for metastatic cancer. This initiative is expected to enhance financing capabilities and resource allocation for clinical development.
Positive
Appointment of Paul Patrizio enhances strategic leadership.
Establishment of Cellmed Bio LLC supports US market entry.
PRP is positioned for First-In-Human study, targeting advanced cancer.
Negative
Dependence on external financing for R&D operations.
Potential risks associated with entering clinical trials.
MELBOURNE, Australia--(BUSINESS WIRE)--
Propanc Biopharma, Inc. (OTCQB: PPCB) (“Propanc” or the “Company”), a biopharmaceutical company developing novel cancer treatments for patients suffering from recurring and metastatic cancer, today announced the appointment of Paul Patrizio as Strategic Advisor to the Propanc Executive team. Mr. Patrizio will report directly to the Company’s Chief Executive Officer, James Nathanielsz. The Company has also initiated the process of establishing a wholly owned US based, R&D operating subsidiary, Cellmed Bio LLC in New Jersey, one of the largest biotech hubs in the country.
Mr. Patrizio will oversee the establishment of Cellmed Bio LLC and assist the Company in the identification of strategic partners to assist with the financing and resourcing of the US R&D operating subsidiary to the Company’s lead product candidate, PRP, which is set to enter a First-In-Human (FIH) study for advanced cancer patients suffering from solid tumors. Financial resources obtained through the US R&D operating subsidiary will be used to complete Good Manufacturing Practice manufacture of the finished drug product for the upcoming FIH study and validation of a pharmacokinetics method to determine the distribution of the drug in patients over time. PRP is a long-term therapy for the treatment and prevention of metastatic cancer by targeting and eradicating cancer stem cells, free from the serious side effects normally associated with standard treatments.
“Paul represents a significant and welcome appointment as Strategic Advisor to the Propanc Executive team. His role will be key in establishing our presence in the US, as well as unlocking significant value from our intellectual property portfolio as we transform our R&D operating subsidiary Cellmed Bio LLC into a clinical stage, immuno-oncology player with a unique approach for the treatment and prevention of metastatic cancer, the main cause of patient death for sufferers,” stated Mr. Nathanielsz. “I am excited to be working closely with Paul in executing our corporate restructure and look forward to the immediate future with much anticipation. His many years of experience and extensive networks in the New Jersey/New York metropolitan region will be vital to our success.”
“Propanc Biopharma is developing an exciting, potential breakthrough technology and I look forward to assisting the Executive team progress PRP into clinical development phase through the establishment of Cellmed Bio LLC, which is a key part of our strategy to achieve both our short- and long-term future goals,” stated Mr. Patrizio.
Mr. Patrizio has been a corporate attorney, finance professional and senior management executive for over 35 years. Mr. Patrizio has been involved with business entities at all stages of development, working with investors and management on complex legal, financial and management matters that often bridge several professional service areas. These entities come from a variety of industry groups including financial services, biotechnology, internet, banking, media, telecommunications, advertising, insurance, technology, software, renewable energy and mobility. Mr. Patrizio has extensive experience with all types of business transactions, including mergers & acquisitions, financing transactions and structuring joint ventures, as well as business development and capital raising for a diverse set of business entities.
About Propanc Biopharma, Inc.
Propanc Biopharma, Inc. (the “Company”) is developing a novel approach to prevent recurrence and metastasis of solid tumors by using pancreatic proenzymes that target and eradicate cancer stem cells in patients suffering from pancreatic, ovarian and colorectal cancers. For more information, please visit www.propanc.com.
The Company’s novel proenzyme therapy is based on the science that enzymes stimulate biological reactions in the body, especially enzymes secreted by the pancreas. These pancreatic enzymes could represent the body’s primary defense against cancer.
To view the Company’s “Mechanism of Action” video on its anti-cancer lead product candidate, PRP, please click on the following link: http://www.propanc.com/news-media/video
Forward-Looking Statements
All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “would,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. These factors include uncertainties as to the Company’s ability to continue as a going concern absent new debt or equity financings; the Company’s current reliance on substantial debt financing that it is unable to repay in cash; the Company’s ability to successfully remediate material weaknesses in its internal controls; the Company’s ability to reach research and development milestones as planned and within proposed budgets; the Company’s ability to control costs; the Company’s ability to obtain adequate new financing on reasonable terms; the Company’s ability to successfully initiate and complete clinical trials and its ability to successful develop PRP, its lead product candidate; the Company’s ability to obtain and maintain patent protection; the Company’s ability to recruit employees and directors with accounting and finance expertise; the Company’s dependence on third parties for services; the Company’s dependence on key executives; the impact of government regulations, including FDA regulations; the impact of any future litigation; the availability of capital; changes in economic conditions, competition; and other risks, including, but not limited to, those described in the Company’s Registration Statement on Form S-1, Amendment No. 5, filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 3, 2020, and in the Company’s other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements except as may be required by law.
