Sunshine Biopharma Announces Share Repurchase Program
MONTREAL, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Sunshine Biopharma Inc. (NASDAQ: “SBFM”), a pharmaceutical company offering and researching life-saving medicines in a variety of therapeutic areas including oncology and antivirals today announced its board of directors has authorized a share repurchase program to acquire up to $2 million of the Company’s common stock.
The Company may purchase common stock on the open market, through privately negotiated transactions, or otherwise, in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements. As of September 30, 2022, the Company had approximately $40.5 million of cash and cash equivalents. The Company had approximately 22.6 million shares of common stock issued and outstanding as of November 7, 2022.
Dr. Steve Slilaty, CEO of Sunshine Biopharma commented: “As we continue to make progress on our oncology and antiviral drug development pipeline and devote energy towards growing the sales and profitability of our recently acquired pharmaceutical company (Nora Pharma Inc.), we believe the current market environment and the Company’s healthy balance sheet allow us to capture additional value for our shareholders through this measured buyback program.”
The timing, number of shares repurchased and prices paid for the repurchased shares under this program will be at the discretion of management and will depend on market conditions as well as regulatory limitations, including blackout period restrictions. The repurchase program does not obligate the Company to acquire any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.
Information regarding share repurchases will be provided in the Company’s periodic reports on Form 1-Q and 10-K as the Company ordinarily files with the Securities and Exchange Commission or as may be required by applicable securities laws.
About Sunshine Biopharma Inc.
Sunshine Biopharma recently acquired Nora Pharma Inc. and as a result the Company now has 36 employees and 50 generic prescription drugs on the market in Canada. In parallel, Sunshine Biopharma is continuing its drug development R&D program. In addition to the K1.1 anticancer mRNA project, the Company is working on the development Adva-27a, a small molecule having the unique ability to destroy 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 also engaged in the development of a COVID-19 treatment in collaboration with the University of Arizona. The project, currently in advanced stages of preclinical studies, is focused on the development of an inhibitor for SARS-CoV-2 PLpro protease. PLpro is unique to the SARS group of Coronaviruses and is responsible for suppressing the human immune system making this group of viruses more deadly. For more information, please visit: www.sunshinebiopharma.com
Safe Harbor Forward-Looking Statements
This press release contains forward-looking statements which are based on current expectations, forecasts, and assumptions of Sunshine Biopharma, Inc. (the “Company”) 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 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 Company’s drug development activities, financial performance, and future growth. These risks and uncertainties are further described 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 the Company’s filings with the SEC. Reference is hereby made to cautionary statements and risk factors set forth in the Company’s most recent SEC filings.
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