Full Press Release Details
Announces $1,361,000 in Debt Reduction
Montreal, Quebec, Canada - (GLOBE NEWSWIRE)
- Sunshine Biopharma Inc. (OTC PINK: "SBFM"), a pharmaceutical company focused on the research, development and commercialization
of oncology and antiviral drugs, today announced that on December 20, 2021, the Company issued 2,904,833 shares of Common Stock in favor
of RB Capital Partners, Inc. ("RB Capital") in connection with the conversion of $1,361,000 in convertible debt at an average
conversion price of $0.47 per share. The total debt remaining on the books of the Company is $1,900,000 convertible at an average price
of $0.30 per share with maturity dates in April, July and August 2023.
"This debt conversion strengthens the financial
condition of the Company and conserves the cash on hand for our ongoing research and development activities of our antiviral and anticancer
drugs," said, Camille Sebaaly, CFO of Sunshine Biopharma. "We thank RB Capital for believing in us and for their continued
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 5.3 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. Sunshine Biopharma 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, 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