Premier Biomedical Retires Convertible Debt
March 02 2017 - 10:00AM
InvestorsHub NewsWire
El Paso, Texas - (Uptick Newswire - March 2,
2017) - Premier Biomedical, Inc.
(OTCQB:
"BIEI") announced today that the principal amounts on their
outstanding convertible debts have been retired. The company
acknowledged that, although it still needs capital to keep the
business going, they will be more judicious in any future
financing.
The company has in the past had as many as five lenders at once
converting debt, as they struggled to finance their aggressive
research programs on PTSD and cancer. The company has since
shelved their promising cancer research program and PTSD research
until they can acquire a suitable development partner.
The company reports they have been in discussion with a number of
potential partners with whom their promising patent-pending
antibody drug for breast cancer can be developed.
“It is because of the enormous costs of our research that we
decided to pivot our attention, temporarily, towards manufacturing
and selling pain relief products to generate a revenue
stream. We currently are selling what we consider to be the
world’s-best 96-hour pain patch and hemp oil roll-on
applicator. We plan on introducing four more pain relief
products this calendar year,” said William A. Hartman, President
and CEO of Premier Biomedical. The company sells their pain
relief products through their website, www.painreliefmeds.com, as
well as through direct distributors.
Hartman continued, “Our stock has been under enormous pressure
due to the heavy amount of debt converted into shares and
introduced to the market. The dilution of the stock has been
a concern to us and all of our shareholders, and to see it reach an
end is a relief to us all. Going forward, we will still need
to finance a portion of our operations, but we have tightened our
belts and will continue to run very lean, until we can generate
sufficient revenue to become self-funding. We are confident
that our approach will result in a significant increase in our
stock price in the future.”
For more information please contact:
William A. Hartman
President and CEO
(724) 633-7033
w.hartman@premierbiomedical.com
www.premierbiomedical.com/
About Premier Biomedical, Inc.
Premier Biomedical, Inc. (OTCQB:
BIEI) is a research-based publicly traded company that intends
to discover and develop medical treatments for a wide range of
diseases in humans. Premier has obtained, via exclusive
license agreements, the technology behind three granted US Patents,
multiple pending provisional patents, and a PCT Europe National
Patent. Founded in 2010, Premier has partnered with the
University of Texas at El Paso (UTEP). The company's R&D
efforts are centered in El Paso, TX, and their business offices are
in Western Pennsylvania. The Company is a fully-reporting
issuer whose common stock trades on the OTCQB marketplace
maintained by OTC Markets Group, Inc. under the ticker symbol
"BIEI." For more information please visit our website:
http://www.premierbiomedical.com/.
Safe Harbor Notice
Certain statements contained herein are “forward-looking
statements” (as defined in the Private Securities Litigation Reform
Act of 1995). Premier Biomedical, Inc. cautions that
statements and assumptions made in this news release constitute
forward-looking statements and makes no guarantee of future
performance. Forward-looking statements are based on
estimates and opinions of management at the time statements are
made. These statements may address issues that involve
significant risks, uncertainties, estimates made by
management. Actual results could differ materially from
current projections or implied results. Premier Biomedical, Inc.
undertakes no obligation to revise these statements following the
date of this news release.
Source: Uptick Newswire
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