Propanc Biopharma Inc (PPCB)

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Propanc Biopharma Repays Magna Invests Senior Secured Convertible Debentures
DOWNLOAD AS PDF January 05, 2018
CEO Views as "Positive First Step" towards Restructuring Balance Sheet to Attract Long Term Investors

MELBOURNE, Australia, Jan. 5, 2018 /PRNewswire/ -- Propanc Biopharma Inc. (OTCQB: PPCB) ("Propanc Biopharma" or "the Company"), a clinical stage biopharmaceutical company focusing on development of new and proprietary treatments for cancer patients suffering from solid tumors such as pancreatic, ovarian and colorectal cancers, today announced that the Company has repaid in full all outstanding debt to Magna Invests. Of the $4.7 million in senior secured debt originally borrowed from Magna Invests, a total of $507,080.62 in principal and accrued interest remained outstanding, which amount has now been repaid with the net proceeds of a one-year, 8% unsecured convertible redeemable note in the principal amount of $532,434.65 issued to Eagle Equities, LLC, an existing investor of the Company. There is a six month holding period until the note fully matures and becomes redeemable. The payoff to Magna Invests represents a positive first step towards its goal of restructuring the debt on the Company's balance sheet, as it looks towards attracting long term investors to raise capital for a First-In-Human study in 2018 and increasing the Company's investment and liquidity profile.

(PRNewsfoto/Propanc Biopharma)

"I am pleased with the opportunity to repay all of our most onerous debt, including all outstanding secured debt, in full, as it helps us gather some momentum in our efforts towards attracting long term investors to support our plans to progress our lead product, PRP, into clinical trials," said James Nathanielsz, Propanc Biopharma's Chief Executive Officer.

Currently progressing towards First-In-Human studies, PRP aims to prevent tumor recurrence and metastasis from solid tumors. Eighty percent of all cancers are solid tumors and metastasis is the main cause of patient death from cancer. According to the World Health Organization, 8.2 million people died from cancer in 2012. Consequently, a report by IMS Health states innovative therapies are driving the global oncology market to meet demand, which is expected to reach $150 billion by 2020. The Company's initial target patient populations are pancreatic, ovarian and colorectal cancers, representing an estimated combined market segment of $14 billion in 2020, according to GBI Research.

To view Propanc Biopharma's "Mechanism of Action" video on anti-cancer product candidate, PRP, please click on the following link: http://www.propanc.com/news-media/video

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