$BIEI Premier Biomedical Retires Convertible Debt
Source: InvestorsHub NewsWire
El Paso, Texas - (Uptick Newswire - March 2, 2017) - Premier Biomedical, Inc. (OTCQB: "BIEI") announced today that the principal amounts on their outstanding convertible debts have been retired. The company acknowledged that, although it still needs capital to keep the business going, they will be more judicious in any future financing.
The company has in the past had as many as five lenders at once converting debt, as they struggled to finance their aggressive research programs on PTSD and cancer. The company has since shelved their promising cancer research program and PTSD research until they can acquire a suitable development partner. The company reports they have been in discussion with a number of potential partners with whom their promising patent-pending antibody drug for breast cancer can be developed.
“It is because of the enormous costs of our research that we decided to pivot our attention, temporarily, towards manufacturing and selling pain relief products to generate a revenue stream. We currently are selling what we consider to be the world’s-best 96-hour pain patch and hemp oil roll-on applicator. We plan on introducing four more pain relief products this calendar year,” said William A. Hartman, President and CEO of Premier Biomedical. The company sells their pain relief products through their website, www.painreliefmeds.com, as well as through direct distributors.
Hartman continued, “Our stock has been under enormous pressure due to the heavy amount of debt converted into shares and introduced to the market. The dilution of the stock has been a concern to us and all of our shareholders, and to see it reach an end is a relief to us all. Going forward, we will still need to finance a portion of our operations, but we have tightened our belts and will continue to run very lean, until we can generate sufficient revenue to become self-funding. We are confident that our approach will result in a significant increase in our stock price in the future.”
For more information please contact:
William A. Hartman
President and CEO
About Premier Biomedical, Inc.
Premier Biomedical, Inc. (OTCQB: BIEI) is a research-based publicly traded company that intends to discover and develop medical treatments for a wide range of diseases in humans. Premier has obtained, via exclusive license agreements, the technology behind three granted US Patents, multiple pending provisional patents, and a PCT Europe National Patent. Founded in 2010, Premier has partnered with the University of Texas at El Paso (UTEP). The company's R&D efforts are centered in El Paso, TX, and their business offices are in Western Pennsylvania. The Company is a fully-reporting issuer whose common stock trades on the OTCQB marketplace maintained by OTC Markets Group, Inc. under the ticker symbol "BIEI." For more information please visit our website: http://www.premierbiomedical.com/.
Safe Harbor Notice
Certain statements contained herein are “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995). Premier Biomedical, Inc. cautions that statements and assumptions made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates made by management. Actual results could differ materially from current projections or implied results. Premier Biomedical, Inc. undertakes no obligation to revise these statements following the date of this news release.
Source: Uptick Newswire