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FORT LAUDERDALE, FL - Sunshine Biopharma Inc. (NASDAQ:SBFM), a pharmaceutical company involved in the development and sale of various therapeutic drugs, has announced a registered direct offering with institutional investors. The deal involves the sale of shares and pre-funded warrants totaling approximately $2.46 million. According to InvestingPro data, the company, currently valued at $4.15 million, has been rapidly burning through cash despite maintaining a strong current ratio of 5.74.
The transaction, priced at the market under Nasdaq rules, includes 1,188,404 shares of Common Stock (or Pre-Funded Warrants) at $2.07 per share and $2.069 per Pre-Funded Warrant, respectively. Pre-Funded Warrants are immediately exercisable and can be exercised at any time until fully utilized. This offering comes as the stock has experienced a significant decline, with InvestingPro showing a 98.73% drop in share price over the past year.
Sunshine Biopharma aims to close the offering around April 3, 2025, subject to customary closing conditions. The proceeds are intended for general corporate purposes and to bolster working capital.
Aegis Capital Corp. is serving as the exclusive placement agent for the offering, while Sichenzia Ross Ference Carmel LLP and Kaufman & Canoles, P.C. are providing legal counsel to Sunshine Biopharma and Aegis Capital Corp., respectively.
The offering is being made pursuant to an effective shelf registration statement previously filed with and declared effective by the U.S. Securities and Exchange Commission (SEC) on January 15, 2025. Relevant details of the proposed offering, including a final prospectus supplement and accompanying prospectus, will be available on the SEC’s website and from Aegis Capital Corp.
Sunshine Biopharma’s current portfolio includes 70 generic prescription drugs in Canada, with plans to launch 13 additional drugs in 2025. One of the upcoming drugs is NIOPEG®, a biosimilar to NEULASTA®, designed to reduce infection incidence in certain cancer patients undergoing treatment. The company also has ongoing proprietary drug development programs targeting liver cancer and SARS Coronavirus infections. Financial data from InvestingPro reveals impressive revenue growth of 61.94% in the last twelve months, though the company reported negative EBITDA of $4.76 million. Based on InvestingPro’s Fair Value analysis, the stock appears undervalued at current levels.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction where such offer, solicitation, or sale would be unlawful.
The information provided is based on a press release statement from Sunshine Biopharma Inc.
In other recent news, Sunshine Biopharma Inc. announced the completion of studies on its K1.1 mRNA Lipid Nanoparticle, showing potential as a treatment for liver cancer. The company also revealed plans to market two new generic antibiotics in Canada through its subsidiary, Nora Pharma, pending regulatory approval. Additionally, Sunshine Biopharma has launched Prucalopride, a generic gastrointestinal drug, in Canada, with another drug expected to follow soon. The company has also introduced Olanzapine, a generic version of Zyprexa®, to treat schizophrenia and bipolar disorders. These developments are part of Sunshine Biopharma’s strategy to expand its Canadian market presence, where it currently offers 70 generic prescription drugs. In a strategic move, the company appointed Mr. Michel Roy as the new Chief Commercial Officer, leveraging his extensive pharmaceutical industry experience. Sunshine Biopharma is also engaged in proprietary drug development, focusing on treatments for liver cancer and SARS Coronavirus infections. The company plans to introduce additional drugs in 2025, including NIOPEG®, a biosimilar to NEULASTA®. These initiatives are part of Sunshine Biopharma’s efforts to advance healthcare solutions and expand its market footprint.
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