Life Science Company News
Sunshine Biopharma Reports Improved Cash Position in 2021Q1 Filing
MONTREAL, May 13, 2021 (GLOBE NEWSWIRE) -- Sunshine Biopharma Inc. (OTC PINK: “SBFM”), a pharmaceutical company focused on the research, development, and commercialization of oncology and antiviral drugs, announced that it has filed its 2021 first quarter report. The Report shows that the Company had Cash & Cash Equivalents of $1,796,596 as of March 31, 2021, the period end.
The following is a summary of the Report highlights:
On January 26, 2021, the Company received a Notice of Allowance from the Canadian Intellectual Property Office for a new patent application covering Adva-27a. The newly issued patent contains new subject matter and extends the proprietary protection of Adva-27a in Canada until 2033.
On February 4, 2021, the Company entered into an exclusive license agreement with the University of Georgia (“UGA”) for two Anti-Coronavirus compounds which UGA had previously developed and patented. The Company and UGA will advance the development of these two compounds in parallel with the Company’s own Anti-Coronavirus compound, SBFM-PL4.
On March 1, 2021, the Company launched a new eCommerce website, Nutrition.SunshineBiopharma.com. The site offers over 20 Science-Based Nutritional Supplements products ranging from essential amino acids and rich protein powders to balanced vitamins and crucial micronutrients. All of the Company’s Science-Based Nutritional Supplements are manufactured and tested in Canada under GMP conditions.
On March 9, 2021, the Company received a Notice of Allowance from the European Patent Office for a new patent application covering Adva-27a. The newly issued patent contains new subject matter and extends the proprietary protection of Adva-27a in Europe until 2033. The equivalent patent in the United States was issued in 2019 (US Patent Number 10,272,065).
Sunshine Biopharma’s CFO, Camille Sebaaly stated, “We are incredibly pleased with the progress of our Company as a whole. We continue to receive positive interim results from the University of Georgia regarding our mice study and the development of our Anti-Coronavirus treatment, and are very happy about our expanded patents for Adva-27a.”
About Sunshine Biopharma’s Coronavirus (COVID-19) Treatment
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 3.3 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. On February 1, 2021, Sunshine Biopharma entered into an exclusive license agreement with the University of Georgia for two Anti-Coronavirus compounds which the University of Georgia had previously developed and patented. The Company is currently advancing the development of these two compounds in parallel with its own SBFM-PL4 by conducting a transgenic mice study in collaboration with the University of Georgia, College of Pharmacy. The mice being used in the study have been genetically engineered to express the human angiotensin-converting enzyme 2 (hACE2) transmembrane protein in their lungs making them susceptible to lethal infection by SARS-CoV-2. The SARS-CoV-2 virus uses the hACE2 receptor to gain entry into human cells to replicate. The goal of the study is to determine if these protease inhibitors will protect the hACE2-transgenic mice from disease progression and death following infection with SARS-CoV-2. Should these mice studies prove successful, Sunshine Biopharma plans to submit the results to the FDA for authorization to conduct testing on actual COVID-19 patient volunteers in a Phase I clinical trial setting.
About Sunshine Biopharma’s Adva-27a Anticancer Drug
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.