Sunshine Biopharma Reports Full Year Ended December 31, 2022 Financial Results and Provides Corporate Update
MONTREAL, April 05, 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 reporting of operating results for the fiscal year ended December 31, 2022 and recent highlights.
Full Year 2022 and Recent Highlights:
- Listing on NASDAQ.
- Bolstered balance sheet with cash and cash and cash equivalents of $21 million.
- Acquisition of Nora Pharma Inc. in October 2022, giving the Company 49 prescription drugs on the market in Canada.
- Expansion of proprietary drug development program including the signing of agreements with the University of Arizona for SBFM-PL4 COVID-19 treatment and the Jewish General Hospital (Montreal, Canada) for IND-enabling studies of Adva-27a anticancer compound.
- Advancing the development of the Company’s anticancer K1.1 mRNA program by entering into collaboration and testing agreement with one of the leading lipid nanoparticle formulation companies in North America.
- Increased sales from $228,426 in 2021 to $4,345,603 in 2022, largely due to inclusion of the 72 days of Nora Pharma operations, the time since the closing of the acquisition.
“We are delighted with our accomplishments in 2022 and look forward to continuing to build value for our shareholders in 2023 and beyond,” said Camille Sebaaly, CFO of Sunshine Biopharma.
About Sunshine Biopharma
Sunshine Biopharma recently acquired Nora Pharma Inc. and as a result the Company now has 54 generic prescription drugs on the market in Canada and 44 employees. The Company is planning to expand its product offering to 86 generic pharmaceuticals over the next two years. In parallel, Sunshine Biopharma is continuing its drug development program which is comprised of (i) K1.1 mRNA for liver cancer, (ii) Adva-27a, a small chemotherapy molecule for pancreatic cancer, and (iii) PLpro inhibitor for COVID-19. For more information, please visit:
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.
For Additional Information:
Sunshine Biopharma Contact:
Camille Sebaaly, CFO
Direct Line: 514-814-0464
Sunshine Biopharma Media Contact:
Christine Petraglia
TraDigital IR
Direct Line: 917-633-8980
