Sunshine Biopharma, Inc. Announces Pricing of $8 Million Public Offering and Uplisting to the Nasdaq Capital Market
February 15 2022 - 09:00AM
Sunshine Biopharma, Inc. (NASDAQ: “SBFM” and “SBFMW”) (the
"Company" or "Sunshine Biopharma"), a pharmaceutical company
focused on the research, development and commercialization of
oncology and antiviral drugs, announced today the pricing of its
underwritten public offering of 1,882,353 units at a price to the
public of $4.25 per unit, for aggregate gross proceeds of $8
million, prior to deducting underwriting discounts, commissions and
other estimated offering expenses. Each unit consists of one share
of common stock, par value $0.001 per share, and two warrants, each
warrant exercisable for one share of common stock. The common stock
and warrants are immediately separable from the Units and will be
issued separately. The warrants are exercisable immediately, expire
five years from the date of issuance and have an exercise price of
$4.25.
In addition, the Company has granted Aegis Capital Corp.
(“Aegis”) a 45-day option to purchase additional shares of common
stock and/or warrants equal up to 15% of the number of shares and
warrants, respectively, sold in the offering solely to cover
over-allotments, if any. The purchase price to be paid per
additional share of common stock will be equal to the public
offering price of one unit (in each case, less $0.01 allocated to
the warrants), less the underwriting discount. The purchase price
to be paid per additional warrant will be $0.01. If Aegis exercises
the option to purchase only such warrants, additional proceeds will
be nominal. If Aegis exercises the option in full for common stock
and warrants, the total gross proceeds of the offering including
the overallotment are expected to be approximately $9.2 million
before deducting underwriting discounts and commissions and
offering expenses. The offering is expected to close on or about
February 17, 2022, subject to customary closing conditions.
The Company also announced that, in connection with the
offering, its common stock and warrants have been approved for
listing on the Nasdaq Capital Market and will begin trading on the
Nasdaq Capital Market under the symbols "SBFM" and “SBFMW” on
February 15, 2022.
Aegis Capital Corp. is acting as sole book-running
manager for the offering.
A registration statement on Form S-1 (No. 333-259394) relating
to the securities being sold in this offering was declared
effective by the Securities and Exchange Commission (the "SEC") on
February 14, 2022. The offering is being made only by means of a
prospectus. Copies of the final prospectus may be obtained, when
available, on the SEC's website, www.sec.gov, or by contacting
Aegis Capital Corp., Attention: Syndicate Department, 810 7th
Avenue, 18th Floor, New York, NY 10019, by email at
syndicate@aegiscap.com, or by telephone at (212) 813-1010.
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
jurisdiction.
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. These statements appear in a number of places in this
release and include all statements that are not statements of
historical fact regarding the intent, belief or current
expectations of the Company, including statements related to the
closing of the offering, our financial performance, and future
growth. 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.
Reference is hereby made to cautionary statements and risk factors
set forth in the Company's most recent SEC filings.
For Additional Information Contact:
Camille Sebaaly, CFO
Sunshine Biopharma Inc.
Direct Line: 514-814-0464
camille.sebaaly@sunshinebiopharma.com
www.sunshinebiopharma.com
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