Full Press Release Details
Sunshine Biopharma, Inc. Announces Pricing of
$10.0 Million Underwritten Public Offering
NEW YORK, FEBRUARY 13, 2024 -- Sunshine
Biopharma, Inc. (NASDAQ: SBFM) (the "Company"), a pharmaceutical company offering and researching life-saving medicines in
a variety of therapeutic areas including oncology and antivirals, today announced the pricing of a firm commitment underwritten public
offering with gross proceeds to the Company expected to be approximately $10.0 million, before deducting underwriting fees and other estimated
offering expenses payable by the Company.
The offering consists of 71,428,571 Units, each
consisting of one (1) share of common stock or Pre-Funded Warrant to purchase one share of common stock and 0.1 Series A Warrants to purchase
one (1) share of common stock per warrant, and 0.2 Series B Warrants to purchase one (1) share of common stock per warrant. The public
offering price per Unit is $0.14 (or $0.139 for each Unit with a Pre-Funded Warrant, which is equal to the public offering price per Unit
with a share of common stock to be sold in the offering minus an exercise price of $0.001 per Pre-Funded Warrant). The Pre-Funded Warrants
will be immediately exercisable and may be exercised at any time until exercised in full. The initial exercise price of each Series A
Warrant is $2.10 per share of common stock or pursuant to an alternative cashless exercise option. The Series A Warrants are exercisable
immediately and expire 30 months after the initial issuance date. The initial exercise price of each Series B Warrant is $2.38 per share
of common stock. The Series B Warrants are exercisable immediately and expire 60 months after the initial issuance date.
In addition, the Company has granted Aegis Capital
Corp. ("Aegis") a 45-day option to purchase up to an additional 15% of the total number of shares of common stock and/or Pre-Funded
Warrants and/or Series A Warrants and/or Series B Warrants sold in the offering, solely to cover over-allotments, if any.
Aggregate gross proceeds to the Company are expected
to be approximately $10.0 million. The transaction is expected to close on or about February 15, 2024, subject to the satisfaction of
customary closing conditions. The Company expects to use the net proceeds from the offering for general corporate purposes and working
Aegis Capital Corp. is acting as the sole book-running
manager for the offering. Sichenzia Ross Ference Carmel LLP is acting as counsel to the Company. Kaufman & Canoles, P.C. is acting
as U.S. counsel to Aegis Capital Corp.
A registration statement on Form S-1 (No. 333-276817)
previously filed with the U.S. Securities and Exchange Commission (the "SEC") on February 1, 2024, as amended, was declared
effective by the SEC on February 12, 2024. The offering is being made only by means of a prospectus. A final prospectus describing the
terms of the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Electronic copies
of the final prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue
of the Americas, 27th floor, New York, NY 10105, by email at syndicate@aegiscap.com, or by telephone at +1 (212) 813-1010. Before investing
in this offering, interested parties should read in their entirety the prospectus, which provides more information about the Company and
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such
an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or
About Sunshine Biopharma, Inc.
Sunshine Biopharma through its subsidiary Nora
Pharma Inc. has 51 generic prescription drugs on the market in Canada and 32 additional drugs scheduled to be launched in Canada in 2024
and 2025. In addition, Sunshine Biopharma is conducting a proprietary drug development program which is comprised of (i) K1.1 mRNA for
liver cancer, and (ii) PLpro protease inhibitor for SARS Coronavirus infections. For more information, please visit: www.sunshinebiopharma.com.
Forward-Looking Statements
This press release may contain "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934,
each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including
without limitation statements regarding the Company's product development and business prospects, and can be identified by the use
of words such as "may," "will," "expect," "project," "estimate," "anticipate,"
"plan," "believe," "potential," "should," "continue" or the negative versions
of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking
statements are based on information currently available to the Company and its current plans or expectations and are subject to a number
of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize,
or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected,
intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable,
the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the securities
laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to
For Additional Information:
Sunshine Biopharma Contact:
Camille Sebaaly, CFO
Direct Line: 514-814-0464