DENVER, Colo. (247marketnews.com) — Sunshine Biopharma (NASDAQ:SBFM) announced pricing of a $6.0 million public offering, which expected to close tomorrow, subject to customary conditions. The financing is structured around 10.9 million common units or pre-funded units, with each unit carrying two Series D warrants. The warrants are immediately exercisable, have an initial exercise price of $0.66 and expire five years after issuance.
That structure gives Sunshine immediate working capital, but it also creates a potential share-supply overhang. The company says proceeds will be used for general corporate purposes and working capital, while the accompanying warrants could add significantly more shares if exercised.
The company has been rapidly expanding its Canadian pharmaceutical portfolio. Its recent developments include launches and regulatory approvals for drugs including generic Zofran, atenolol, enalapril, amoxicillin, dienogest and ondansetron.
Sunshine’s K1.1 mRNA program is being developed as a potential treatment for liver cancer, while its SBFM-PL4 program targets the PLpro protease involved in SARS coronavirus replication. The company recently said K1.1 produced tumor-suppression results in animal studies and reported that its coronavirus program had advanced into IND-enabling studies.
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