Pharmaceutical company Sunshine Biopharma (OTCMKTS:SBFM), which is focused on research and development of oncology as well as antiviral drugs on July 20, 2021 confirmed receiving additional funding of $900,000 from RB Capital Partners.
The investment will be done in convertible debt with conversion price set to market premium of $0.30 per share. This will mean the total RB Capital would have invested about $3,500,000 in Sunshine Biopharma till date. The firm will use proceeds from the fresh financing for advancing development of Covid-19 protease inhibitor treatment as well as the company’s flagship anticancer compound, Adva-27a.
Brett Rosen, Managing Partner of RB Capital said that the progress with Sunshine Biopharma is very good and hence it is providing financial support for its drug development effort.
Camille Sebaaly, CFO of Sunshine Biopharma, said that the firm continues to get support of RB Capital and will be vital for its anticancer as well as covid-19 projects, progressing as planned until date.
Sunshine Biopharma’s efforts to tackle the SARS Coronavirus 2, causative agent of the pandemic, will be based on successful completion of test results and then submit the FDA for authorisation for conducting testing on actual covid 19 patients in a Phase I Clinical trial.
Market Reaction:
As of 11:32, SBFM stock fell 4% at $0.1179 with more than 1.63 million shares, compared to its average volume of 7.25 million shares. The stock had moved within a range of $0.1151 – 0.1237 after opening the trade at $0.1237. Over the past 52-week, the stock has been trading within a range of $0.0100 – 0.3140.
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