Sunshine Biopharma Inc - SBFM STOCK NEWS

Sunshine Biopharma (NASDAQ:SBFM) has announced a 1-for-20 reverse stock split, effective August 8, 2024. This strategic move aims to regain compliance with Nasdaq's minimum bid price requirement for continued listing. The pharmaceutical company, which focuses on life-saving medicines in oncology and antivirals, is taking this step to maintain its position on the Nasdaq exchange. This decision highlights the company's commitment to meeting regulatory standards and potentially improving its market position.

Sunshine Biopharma (NASDAQ:SBFM) announced its 2024 first-quarter results, showing a 54% increase in gross revenues to $7.54 million, up from $4.89 million in the same period of 2023. The surge is attributed to new product launches and expanded marketing by its Canadian subsidiary, Nora Pharma. Despite the revenue growth, the company reported a net loss of $1.28 million, an improvement over the $1.70 million loss in the first quarter of 2023. The company also completed a public offering in February 2024, raising $10 million in gross proceeds, with $8.52 million net proceeds. Sunshine Biopharma is focused on achieving profitability.

Sunshine Biopharma's Nora Pharma has received Health Canada approval for Niopeg(R), a Biosimilar of Neulasta(R). Nora Pharma, a subsidiary of Sunshine Biopharma, has successfully obtained approval from Health Canada for the commercialization of Niopeg(R), a pegylated form of filgrastim, in Canada. Niopeg(R) is a Biosimilar comparable to Neulasta(R), indicated to decrease infection incidence in patients with non-myeloid malignancies. This approval marks a significant milestone for Nora Pharma's mission to provide high-quality affordable medicines to Canadian patients.

Sunshine Biopharma, Inc. (SBFM) implements a one for one hundred reverse stock split to meet Nasdaq's bid price requirement, effective April 17, 2024.

Sunshine Biopharma Inc. (SBFM) reported a 14% average sales growth per quarter in 2023, reaching a total of $24,092,787. Loss per share decreased from $1.76 in 2022 to $0.19 in 2023. The company completed a $5 million private placement, repurchased shares, and advanced two drugs to animal testing. However, IND-enabling studies for Adva-27a were halted due to unfavorable results.

Sunshine Biopharma, Inc. (NASDAQ: SBFM) completed a public offering raising approximately $10.0 million. The offering included 71,428,571 Units, with Common Units and Pre-Funded Units. The Company plans to utilize the proceeds for general corporate purposes and working capital. Aegis Capital Corp. has an option to purchase additional shares. The offering was managed by Aegis Capital Corp. and legal counsel was provided by Sichenzia Ross Ference Carmel LLP and Kaufman & Canoles, P.C.

Sunshine Biopharma, Inc. (NASDAQ:SBFM) announced a firm commitment underwritten public offering with gross proceeds of approximately $10.0 million. The offering includes Units comprising common stock, Pre-Funded Warrants, Series A Warrants, and Series B Warrants. Aegis Capital Corp. has a 45-day option to purchase additional shares. The offering price per Unit is $0.14, with various exercise prices for the warrants.

Sunshine Biopharma, Inc. (NASDAQ: 'SBFM') has relocated its headquarters to New York City while maintaining a satellite office in Montreal, Canada. The company operates a Canadian subsidiary with 41 employees and 51 generic prescription drugs on the market, planning to expand to 67 by 2024. Sunshine Biopharma is also conducting a proprietary drug development program for liver cancer and COVID-19. The press release contains forward-looking statements and emphasizes the risks and uncertainties involved in the company's activities.

Sunshine Biopharma Inc. (NASDAQ:SBFM) reported an increase in gross revenues to $5,957,668 for the 2023 third quarter, attributing the growth to the acquisition of Nora Pharma Inc. The company also noted a 7.1% increase over the previous quarter and a 21.7% increase over the first quarter. However, it incurred a net loss from operations of $651,482 for the quarter.