Full Press Release Details
Senior Vice President
GENESIS BIOPHARMA ANNOUNCES TERMINATION
PREVIOUSLY ANNOUNCED PROPOSED PUBLIC
LOS ANGELES, May 7, 2012 /PRNewswire/ --
Genesis Biopharma, Inc. (OTCBB: GNBP), a biotechnology company developing targeted cancer immunotherapies, announced today that
it is terminating its previously announced proposed public offering pursuant to a preliminary prospectus supplement and an effective
shelf registration statement on file with the Securities and Exchange Commission due to market conditions.
"The Company intends to pursue alternative
financing under more favorable conditions", stated Anthony Cataldo, President & Chief Executive Officer of Genesis Biopharma,
About Genesis Biopharma, Inc.
Genesis Biopharma, Inc. is engaged in the
development and commercialization of autologous cell therapies for the treatment of various cancers. The company's lead product
candidate, Contego , is a ready-to-infuse autologous cell therapy utilizing tumor infiltrating lymphocytes for the treatment
of patients with Stage IV metastatic melanoma. Contego is based on a currently available physician-sponsored investigational
therapy at the National Cancer Institute, MD Anderson Cancer Center and the H. Lee Moffitt Cancer & Research Institute for
the treatment of Stage IV metastatic melanoma.
Forward-Looking Statements
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to differ materially, including the risks detailed from time to
time in the company's filings with the Securities and Exchange Commission, and represent the company's views only as of the date
they are made and should not be relied upon as representing the company's views as of any subsequent date. The company does not
assume any obligation to update any forward-looking statements.