Sunshine Biopharma Reports Full Year Ended December 31, 2022 Financial Results and Provides Corporate Update

Rhea-AI Summary

Sunshine Biopharma (NASDAQ: SBFM) reported significant progress for the fiscal year ending December 31, 2022. Key highlights include a cash position of $21 million and a revenue surge from $228,426 in 2021 to $4,345,603 in 2022, largely due to the acquisition of Nora Pharma Inc., which added 49 prescription drugs to their portfolio. The company is advancing its proprietary drug development programs, collaborating with the University of Arizona on COVID-19 treatment and progressing the K1.1 mRNA anticancer initiative. Sunshine Biopharma plans to increase its offerings to 86 generic pharmaceuticals over the next two years.

Positive

• Increased revenue from $228,426 in 2021 to $4,345,603 in 2022.
• Strong cash position with $21 million in cash and equivalents.
• Successful acquisition of Nora Pharma Inc., adding 49 prescription drugs to the portfolio.
• Expansion of proprietary drug development programs.

Negative

• None.

MONTREAL, April 05, 2023 (GLOBE NEWSWIRE) -- Sunshine Biopharma Inc. (NASDAQ: “SBFM”), a pharmaceutical company offering and researching life-saving medicines in a variety of therapeutic areas including oncology and antivirals today announced reporting of operating results for the fiscal year ended December 31, 2022 and recent highlights.

Full Year 2022 and Recent Highlights:

• Listing on NASDAQ.
• Bolstered balance sheet with cash and cash and cash equivalents of $21 million.
• Acquisition of Nora Pharma Inc. in October 2022, giving the Company 49 prescription drugs on the market in Canada.
• Expansion of proprietary drug development program including the signing of agreements with the University of Arizona for SBFM-PL4 COVID-19 treatment and the Jewish General Hospital (Montreal, Canada) for IND-enabling studies of Adva-27a anticancer compound.
• Advancing the development of the Company’s anticancer K1.1 mRNA program by entering into collaboration and testing agreement with one of the leading lipid nanoparticle formulation companies in North America.
• Increased sales from $228,426 in 2021 to $4,345,603 in 2022, largely due to inclusion of the 72 days of Nora Pharma operations, the time since the closing of the acquisition.

“We are delighted with our accomplishments in 2022 and look forward to continuing to build value for our shareholders in 2023 and beyond,” said Camille Sebaaly, CFO of Sunshine Biopharma.

About Sunshine Biopharma

Sunshine Biopharma recently acquired Nora Pharma Inc. and as a result the Company now has 54 generic prescription drugs on the market in Canada and 44 employees. The Company is planning to expand its product offering to 86 generic pharmaceuticals over the next two years. In parallel, Sunshine Biopharma is continuing its drug development program which is comprised of (i) K1.1 mRNA for liver cancer, (ii) Adva-27a, a small chemotherapy molecule for pancreatic cancer, and (iii) PLpro inhibitor for COVID-19. For more information, please visit: www.sunshinebiopharma.com

Safe Harbor Forward-Looking Statements

This press release contains forward-looking statements which are based on current expectations, forecasts, and assumptions of Sunshine Biopharma, Inc. (the “Company”) that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected. These statements appear in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, including statements related to the Company’s drug development activities, financial performance, and future growth. These risks and uncertainties are further described 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 the Company’s filings with the SEC. Reference is hereby made to cautionary statements and risk factors set forth in the Company’s most recent SEC filings.

For Additional Information:

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

Sunshine Biopharma Media Contact:
Christine Petraglia
TraDigital IR
Direct Line: 917-633-8980
investors@sunshinebiopharma.com

FAQ

What were Sunshine Biopharma's earnings for 2022?

Sunshine Biopharma reported revenues of $4,345,603 for the fiscal year 2022.

What is the cash position of Sunshine Biopharma as of the latest report?

As of December 31, 2022, Sunshine Biopharma had $21 million in cash and cash equivalents.

How many prescription drugs does Sunshine Biopharma currently have on the market?

Sunshine Biopharma currently has 54 generic prescription drugs on the market in Canada.

What is the future outlook for Sunshine Biopharma's product offerings?

Sunshine Biopharma plans to expand its product offerings to 86 generic pharmaceuticals over the next two years.