$PPCH Propanc Receives Additional $700,000 After Successful Completion of Animal Efficacy Studies
Source: Access Wire
MELBOURNE, AUSTRALIA / ACCESSWIRE / November 30, 2015 / Propanc Health Group Corporation (OTCQB: PPCH) ("Propanc" or "the Company"), an emerging healthcare company focusing on development of new and proprietary treatments for cancer patients suffering from pancreatic, ovarian and colorectal cancers, today announced theCompany received a further $700,000 tranche from an institutional investor in order to progress their lead product, PRP, towards human trials, after reporting positive animal efficacy data in pancreatic and ovarian cancers from recent animal studies.
A total of $1.9 million has been received since the Securities Purchase Agreement, Debenture and Warrant (the "Financing Documents") were was executed by both parties on October 28th.
A further $2.1 million of the investment amount may be paid (totaling $4 million), pending the achievement of certain milestones and equity conditions set forth in the Financing Documents, as described in the Company's recent filings.
The aggregate deal size provides sufficient capital to cover future research and development activities leading up to the preparation and commencement of human trials for their lead product, PRP, and is expected to sufficiently cover the Company's operations over the next 12 months.
"We are very pleased to receive the additional tranche of capital from our investor, which shows great faith in the Company's potential, whilst acknowledging the completion of some very significant milestones, recently," said James Nathanielsz, Propanc's Chief Executive Officer. "Our attention will now turn towards confirming our development pathway for PRP by meeting with several regulatory agencies for scientific advice. Now that we have sufficient capital for the near term, we remain focused on completing the necessary activities so we can take our lead product into human trials at the earliest opportunity."
About Propanc:
Propanc is currently focused on developing new cancer treatments for patients suffering from pancreatic and colorectal cancers. We have developed a formulation of anti-cancer compounds which exert a number of effects designed to control or prevent tumors from recurring and spreading throughout the body. Our products involve or employ proenzymes, which are inactive precursors of enzymes.
In the near term, we intend to target patients with limited remaining therapeutic options for the treatment of solid tumors such as colorectal or pancreatic tumors. In future, we intend to develop our lead product to treat (i) early stage cancer and (ii) pre-cancerous diseases and (iii) as a preventative measure for patients at risk of developing cancer based on genetic screening. For more information, visit: www.propanc.com.
Forward-looking Statements:
Certain of the matters discussed in this announcement involve risks and uncertainties including, without limitation, those regarding the Company's ability to establish and maintain the proprietary nature of its technology through the patent process, its ability to license from others patents and patent applications, if necessary, to develop certain products, its ability to implement its long range business plan for various applications of its technology, and its ability to enter into agreements with any necessary marketing and/or distribution partners for purposes of commercialization. This is not a solicitation to buy or sell securities and does not purport to be an analysis of the company's financial position. See Propanc's most recent Quarterly Report on Form 10-Q and related 8K filings.
Contact:
Bob Woods
CEOcast, Inc.
212-732-4300
rwoods@ceocast.com
Parker Mitchell
Regal Consulting LLC
702 – 575 – 9157
regalconsultingllc@gmail.com
SOURCE: Propanc Health Group Corporation
