Propanc Biopharma, Inc. (OTCQB: PPCB) operates as a biopharmaceutical company, which is focused on the research, development, and testing of novel treatments for reoccurring and metastatic cancer. Using pancreatic proenzymes that can target and kill cancer stem cells, the company is focused on taregting treatment for pancreatic, ovarian, and colorectal cancers.
Shares of the biopharma company are rallying 33.33% through early trading on Tuesday, December 14, 2021. Over the past thirty days, Propanc Biopharma has seen average daily volume of 504,712 shares. However, volume of 874,720 shares or dollar volume of around $17,494, has already exchanged hands through early trading Tuesday.
The rally comes as the company announces it has entered into an equity purchase facility with Dutchess Capital Group Fund LP, which has a value up to $5 million. Management says the proceeds of the purchase facility will be utilized to fund operations, including the company’s leading product prepared for First-In-Human study in patients with advanced cancer.
Dutchess was founded in 1996 and focuses on managed investment funds that provide principal-based financing and advisory services to public companies and pre-IPO opportunities around the world. The investment manager has partnered with over 250 micro- and small-cap companies.
Propanc Biopharma will have sole discretion to sell up to $5 million of common shares to Dutchess. In exchange, Dutchess does not have any legal right to force the company to sell any shares. Management says the purchase price for common shares sold to Dutchess will be issued at a discount from its current price.
“The $5 million equity purchase facility will provide support for our operations and is an important contribution towards achieving our strategic goals by advancing PRP to a clinical study,” said James Nathanielsz, Propanc’s Chief Executive Officer. “We are also progressing with our plans to establish a US based R&D operating subsidiary, Cellmed Bio LLC, where we intend to identify strategic partnerships that will fast track the growth of the Company. Discussions are actively taking place and our plans have been well received to date. We look forward to providing further updates on our progress in the future.”
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