Sunshine Biopharma Pays Off Convertible Notes in Cash Preventing New Shares From Hitting the Market

Rhea-AI Summary

Sunshine Biopharma (OTC PINK:SBFM) has successfully paid off over $100,000 in convertible notes, aiming to reduce dilution and enhance shareholder value. The CFO, Camille Sebaaly, expressed commitment to operational growth and prioritizing shareholders' interests. The company continues its development on SBFM-PL4, a COVID-19 treatment in collaboration with the University of Georgia, and Adva-27a, an anticancer compound effective against multidrug-resistant cancers. Clinical trials for Adva-27a are planned at McGill University.

Positive

• Paid off over $100,000 in convertible notes to reduce share dilution.
• Development of SBFM-PL4 for COVID-19 in collaboration with the University of Georgia.
• Adva-27a shows effectiveness against multidrug-resistant cancer cells.

Negative

• None.

MONTREAL, QC / ACCESSWIRE / December 3, 2020 / 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 just over $100,000 worth of convertible notes associated with the Company. Our Board of Directors deemed this action to be a priority for the Company in order to mitigate dilutive conversions and maximize shareholder value.

Sunshine Biopharma's CFO, Camille Sebaaly stated, "We are pleased to have paid off this convertible debt within the required time frame and will continue to work towards our overall goal of growth from the operational side of the business." We always have our shareholders best interests in mind," he added.

About Sunshine Biopharma's Coronavirus Treatment
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 1.4 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. On May 22, 2020, Sunshine Biopharma filed a provisional patent application for several molecules which were designed by computer-aided modeling to inhibit the Coronavirus proteases, thus shutting down the ability of the virus to multiply. Sunshine Biopharma has since completed the synthesis of four such molecules and identified a lead compound, SBFM-PL4. In collaboration with the University of Georgia, College of Pharmacy, the Company is currently advancing the development of SBFM-PL4 through the in vitro testing stage to be followed by mice studies before entering clinical trials on COVID-19 patients.

About Sunshine Biopharma
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

SOURCE: Sunshine Biopharma Inc.

View source version on accesswire.com:
https://www.accesswire.com/619318/Sunshine-Biopharma-Pays-Off-Convertible-Notes-in-Cash-Preventing-New-Shares-From-Hitting-the-Market

FAQ

What recent financial action did Sunshine Biopharma (SBFM) take?

Sunshine Biopharma paid off over $100,000 in convertible notes to mitigate dilution.

What is SBFM-PL4?

SBFM-PL4 is a lead compound being developed by Sunshine Biopharma for treating COVID-19.

Where are the clinical trials for Adva-27a being conducted?

Clinical trials for Adva-27a are planned at McGill University’s Jewish General Hospital in Montreal.