Sunshine Biopharma, Inc. Announces Pricing of $8.0 Million Private Placement Priced At-the-Market
11 March 2022 - 1:17AM
Sunshine Biopharma, Inc. (NASDAQ: “SBFM” and “SBFMW”) (the
“Company” or “Sunshine Biopharma”), a pharmaceutical company
focused on the research, development and commercialization of
oncology and antiviral drugs, today announced that it entered into
a securities purchase agreement with certain institutional and
accredited investors for aggregate gross proceeds of approximately
$8.0 million, before deducting fees to the placement agent and
other offering expenses payable by the Company.
In connection with the offering, the Company
will issue 3,603,604 units at a purchase price of $2.22 per unit,
priced at-the-market under Nasdaq rules. Each unit consists of 1
share of common stock or common stock equivalent, and 1
non-tradable warrant, to purchase 1 share of common stock (for a
total of 3,603,604 shares underlying the warrants). No actual units
will be issued in the offering.
The warrants each have an exercise price of
$2.22, subject to adjustments therein. The warrant has a term equal
to five years from the issuance date.
The offering is expected to close on or about
March 14, 2022, subject to the satisfaction of customary closing
conditions.
Aegis Capital Corp. is acting as the
Exclusive Placement Agent in connection with the
offering.
Additional details regarding the offering will
be available in a Form 8-K to be filed by the Company with the U.S.
Securities and Exchange Commission (the "SEC").
The shares of common stock and warrants
described above have not been registered under the Securities Act
of 1933, as amended, and may not be offered or sold in the United
States absent registration with the Securities and Exchange
Commission (SEC) or an applicable exemption from such registration
requirements. The securities were offered only to accredited
investors. Pursuant to a registration rights agreement with the
investors, the Company has agreed to file one or more registration
statements with the SEC covering the resale of the shares of common
stock and the shares issuable upon exercise of the warrants.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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 6 million people
worldwide since it first appeared in December 2019. Sunshine
Biopharma is working on the development of a treatment for COVID-19
and has completed the synthesis of four potential inhibitors of
PLpro and subsequently identified a lead compound, SBFM-PL4. The
Company is currently advancing the development of SBFM-PL4 in
collaboration with the University of Georgia, College of Pharmacy.
In addition, the Company recently signed a collaboration with the
University of Arizona aimed at assessing the efficacy of three
University of Arizona PLpro inhibitors in mice.
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.
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.
Cautionary Note Regarding Forward
Looking Statements
This press release and statements of the
Company's management made in connection therewith contain
"forward-looking statements" (as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) concerning future
events, particularly with respect to the offering described herein.
Words such as "may", "could", "expects", "projects," "intends",
"plans", "believes", "predicts", "anticipates", "hopes",
"estimates" and variations of such words and similar expressions
are intended to identify forward-looking statements. These
statements involve known and unknown risks and are based upon
several assumptions and estimates, which are inherently subject to
significant uncertainties and contingencies, many of which are
beyond the Company's control. Actual results (including the
anticipated benefits of the offering described herein) may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, the risk factors
described in the Company's filings with the SEC. The Company's SEC
filings can be obtained free of charge on the SEC's website at
www.sec.gov. Except to the extent required by law, the Company
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions, or circumstances on which any statement is based.
For Additional Information:
Sunshine Biopharma Media
Contacts:TraDigital IRDirect Line:
917-633-8980investors@sunshinebiopharma.com
Sunshine Biopharma Inc.
Contacts:Camille Sebaaly, CFODirect Line:
514-814-0464camille.sebaaly@sunshinebiopharma.com
www.sunshinebiopharma.com
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