Company continues to prepare its lead product candidate, PRP, for a Phase IB, First-In-Human study, in advanced cancer patients suffering from solid tumors
MELBOURNE, Australia--(BUSINESS WIRE)-- Propanc Biopharma, Inc. (OTC: PPCB) (“Propanc” or the “Company”), a biopharmaceutical company developing new cancer treatments for patients suffering from recurring and metastatic cancer, announced today that the company received an additional investment tranche from a lead institutional investor to support company operations and working capital needs. To date, a, total of $550,000 has been funded by the institutional investor of a $3,000,000 financing agreement, as the company prepares its lead product candidate, PRP, for a Phase IB, First-In-Human study, in advanced cancer patients suffering from solid tumors.
“We are pleased to receive ongoing financial support from our lead institutional investor as we transition PRP into the clinic,” said Carlo Campiciano, Propanc’s Chief Financial Officer, “The investment will be utilized to support our operations, as well as preparing for undertaking R&D activities, including validation of a pharmacokinetics method and a quality assurance review, as we advance towards the finished product manufacture of PRP for our upcoming clinical study, which we hope to commence early 2021.”
“We recognize and appreciate the support of our shareholders, as we undertake an important transformation to a clinical stage biopharma company,” said James Nathanielsz, Propanc’s Chief Executive Officer. “With our attractive R&D tax incentive benefit for local and approved overseas activities from the Australian Government, we have an opportunity to recoup a portion of our development expenses upon the achievement of near-term development milestones for PRP,” said James Nathanielsz.
About Propanc Biopharma, Inc.
Propanc Biopharma, Inc. (the “Company”) is developing a novel approach to prevent recurrence and metastasis of solid tumors by using pancreatic proenzymes that target and eradicate cancer stem cells in patients suffering from pancreatic, ovarian and colorectal cancers. For more information, please visit www.propanc.com.
The Company’s novel proenzyme therapy is based on the science that enzymes stimulate biological reactions in the body, especially enzymes secreted by the pancreas. These pancreatic enzymes could represent the body’s primary defense against cancer.
To view the Company’s “Mechanism of Action” video on its anti-cancer lead product candidate, PRP, please click on the following link: http://www.propanc.com/news-media/video
All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “would,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. These factors include uncertainties as to the Company’s ability to continue as a going concern absent new debt or equity financings; the Company’s current reliance on substantial debt financing that it is unable to repay in cash; the Company’s ability to successfully remediate material weaknesses in its internal controls; the Company’s ability to reach research and development milestones as planned and within proposed budgets; the Company’s ability to control costs; the Company’s ability to obtain adequate new financing on reasonable terms; the Company’s ability to successfully initiate and complete clinical trials and its ability to successful develop PRP, its lead product candidate; the Company’s ability to obtain and maintain patent protection; the Company’s ability to recruit employees and directors with accounting and finance expertise; the Company’s dependence on third parties for services; the Company’s dependence on key executives; the impact of government regulations, including FDA regulations; the impact of any future litigation; the availability of capital; changes in economic conditions, competition; and other risks, including, but not limited to, those described in the Company’s Registration Statement on Form S-1, Amendment No. 1, filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 14, 2019, and in the Company’s other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements except as may be required by law.
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Source: Propanc Biopharma, Inc.
Released July 28, 2020