Sunshine Biopharma Eliminates $250,000 in Variable Rate Convertible Debt and Provides an Update on Status of OTCQB Uplisting

Rhea-AI Summary

Sunshine Biopharma (SBFM) has eliminated $250,000 in variable rate convertible debt, enhancing its financial standing. The necessary debt elimination paves the way for a re-application to uplist to the OTCQB in October 2021, after a prior rejection due to outstanding loans. CFO Camille Sebaaly emphasized the importance of protecting shareholders from dilution. With funding from RB Capital Partners, SBFM aims to remove all harmful debts, thus improving its balance sheet. The company continues to develop potential COVID-19 treatments and an anti-cancer compound, Adva-27a.

Positive

• Elimination of $250,000 in variable rate convertible debt, improving financial stability.
• Plans to reapply for uplisting to OTCQB in October 2021, following debt clearance.
• Support from RB Capital Partners enables removal of harmful debt, strengthening balance sheet.
• Advancing development of COVID-19 treatments and anti-cancer compound Adva-27a.

Negative

• Uplisting application was declined due to outstanding loans, impacting market perception.

MONTREAL, May 20, 2021 (GLOBE NEWSWIRE) -- Sunshine Biopharma Inc. (OTC PINK: “SBFM”), a pharmaceutical company focused on the research, development and commercialization of oncology and antiviral drugs, today announced that it has paid off $250,000 in variable rate convertible debt and is planning to soon eliminate the two similar items remaining on the books of the Company. The Company’s application for uplisting to the OTCQB had been declined due to outstanding variable rate loans which were on the Company’s financial statements at the time of the application. The Company can re-apply in October 2021.

Sunshine Biopharma’s CFO, Camille Sebaaly stated, “We are in the process of getting rid of these loans to minimize dilution. Protecting the shareholders against harmful dilution is of utmost importance to the management of Sunshine Biopharma.”

Sunshine Biopharma continues to be a fully reporting issuer as it has been since inception. The Company’s financial statements are audited by a PCAOB qualified firm and its quarterly and annual reports are filed with the SEC under the same requirements as companies listed on the OTCQB or any U.S. Stock Exchange. As a result of investments from RB Capital Partners, the Company will be able to eliminate all harmful debt. This will leave the Company’s balance sheet with only fixed price conversions.

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 3.4 million people worldwide since it first appeared in December 2019. There are currently no drugs that can effectively arrest replication of the virus in people who have contracted the illness. Sunshine Biopharma has completed the synthesis of four potential inhibitors of PLpro and subsequently identified a lead compound, SBFM-PL4. On February 1, 2021, Sunshine Biopharma entered into an exclusive license agreement with the University of Georgia for two Anti-Coronavirus compounds which the University of Georgia had previously developed and patented. The Company is currently advancing the development of these two compounds in parallel with its own SBFM-PL4 by conducting a transgenic mice study in collaboration with the University of Georgia, College of Pharmacy. The mice being used in the study have been genetically engineered to express the human angiotensin-converting enzyme 2 (hACE2) transmembrane protein in their lungs making them susceptible to lethal infection by SARS-CoV-2. The SARS-CoV-2 virus uses the hACE2 receptor to gain entry into human cells to replicate. The goal of the study is to determine if these protease inhibitors will protect the hACE2-transgenic mice from disease progression and death following infection with SARS-CoV-2. Should these mice studies prove successful, Sunshine Biopharma plans to submit the results to the FDA for authorization to conduct testing on actual COVID-19 patient volunteers in a Phase I clinical trial setting.

In addition, to working on the development of a treatment for COVID-19, Sunshine Biopharma is engaged in the development Adva-27a, a unique anticancer compound. Tests conducted to date have demonstrated the effectiveness of Adva-27a 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.

Safe Harbor Forward-Looking Statements

This press release may contain forward looking statements which are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC).  Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including but not limited to general stock market conditions. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC filings. We have incurred and will continue to incur significant expenses in our expansion of our existing as well as new service lines noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long term.  Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations we will be providing services in, the impact of which cannot be predicted at this time.

For Additional Information Contact:
Camille Sebaaly, CFO
Sunshine Biopharma Inc.
Direct Line: 514-814-0464
camille.sebaaly@sunshinebiopharma.com
www.sunshinebiopharma.com

FAQ

What recent financial actions has Sunshine Biopharma (SBFM) taken?

Sunshine Biopharma has paid off $250,000 in variable rate convertible debt, improving its financial situation.

When can Sunshine Biopharma (SBFM) reapply for uplisting to OTCQB?

Sunshine Biopharma plans to reapply for uplisting to OTCQB in October 2021 after eliminating its convertible debts.

What is the significance of eliminating debt for Sunshine Biopharma (SBFM)?

Eliminating debt is crucial for Sunshine Biopharma as it helps protect shareholders from dilution and strengthens the company's balance sheet.

What treatments is Sunshine Biopharma (SBFM) currently developing?

Sunshine Biopharma is developing potential COVID-19 treatments and an anti-cancer compound called Adva-27a.

What impact did the debt have on Sunshine Biopharma's (SBFM) uplisting application?

The debt caused a decline in Sunshine Biopharma's uplisting application to OTCQB, affecting its stock performance.