NEW YORK, Sept. 15, 2020 /PRNewswire/ -- The pandemic has drastically changed the world's social and economic landscape, and it's unclear what the next steps are in combating the spread of the viral infection. Now, that social distancing rules are being scaled back across the country, concerns remain that opening businesses could ignite a more severe second wave. Scientists are claiming that even though the U.S. has increased its testing capacity from about 100,000 per week in mid-March to more than 5 million per week in late July, the country fell further behind in stopping the spread of the virus. Now, there is a push to change the testing strategy. According to a report by the Science Magazine, such a change in testing strategy would mean a stop to diagnosing people who have symptoms or were exposed and more toward screening whole populations using faster, cheaper, sometimes less accurate tests. "By making it possible to identify and isolate infected individuals more quickly, proponents say, the shift would slow the virus' spread, key to safely reopening schools, factories, and offices," the report indicates. Sunshine Biopharma Inc. (OTC: SBFM), TPT Global Tech, Inc. (OTC: TPTW), CytoDyn Inc. (OTC: CYDY), Onconova Therapeutics, Inc. (NASDAQ: ONTX), Vystar Corp. (OTC: VYST)
Besides the research necessary to develop a vaccine, accelerated R&D also focuses on diagnostic techniques, specifically on the scope of blood testing services throughout the industry. The World Health Organization (WHO) has also published a list of medical devices needed at this time, breaking down into several categories including personal protective equipment (PPE), medical equipment, medical consumables, single use devices, laboratory and test-related devices. When it comes to testing, there has been a lot of progress in how the virus can be detected. For example, researchers around the world are racing to develop antibody tests, also called serological tests, that can confirm whether someone was infected even after their immune system has cleared the virus.
Sunshine Biopharma Inc. (OTC: SBFM) just announced breaking news that, "it has received the first tranche of $250,000 as part of a committed minimum financing of $2 Million with RB Capital Partners Inc. ("RB Capital"). Pursuant to the financing agreement entered into as of September 8, 2020, RB Capital has agreed to provide funding to the Company in the form of convertible promissory notes (the "Promissory Notes"). The Promissory Notes will bear interest at the rate of 5% per annum and will be fully convertible into shares of the Company's Common Stock at a conversion price equal to the market value of the Company's Common Stock on the applicable conversion date or $0.30 per share, whichever is greater. The Promissory Notes will have a maturity date of two years from the date of issuance and must be fully converted on or before the maturity date. Sunshine reserves the right to pay off any part or all of the Promissory Notes at any time without penalty. The minimum amount of funding that RB Capital has agreed to provide to the Company under these terms is $2,000,000, payable over the next three to six month period.
The proceeds will be used for development of the Company's recently announced Coronavirus treatment on a priority basis and the clinical development of Adva-27a, the Company's flagship anticancer compound targeted for pancreatic cancer.
Sunshine Biopharma's CFO, Camille Sebaaly stated, "We are extremely pleased to have forged a relationship with RB Capital and believe that this is the beginning of a successful funding partnership. We are now well positioned to continue with the development of our life saving treatments with a funding partner alongside of us who sees the long-term vision of the Company."
About Sunshine Biopharma's Coronavirus Treatment: Severe Acute Respiratory Syndrome-Coronavirus-2 (SARS-CoV-2) is the causative agent of COVID-19, the current ongoing pandemic that has claimed the lives of over 920,000 people worldwide since it first appeared in December 2019. There are currently no drugs that can effectively arrest replication of the virus in people who have contracted the illness. On May 22, 2020, Sunshine Biopharma filed a provisional patent application for several molecules which were designed by computer-aided modeling to inhibit the Coronavirus proteases, thus shutting down the ability of the virus to multiply. More recently, Sunshine Biopharma announced that it has completed the synthesis of four such molecules and is currently testing their inhibitory activity on SARS-Cov-2 proteases in order to identify a lead compound for further development as a specific drug for treatment of COVID-19.
About Sunshine Biopharma's Adva-27a Anticancer Compound: In addition, to working on the development of a treatment for COVID-19, Sunshine Biopharma is engaged in the development Adva-27a, a unique anticancer compound. Tests conducted to date have demonstrated the effectiveness of Adva-27a at destroying Multidrug Resistant Cancer Cells, including Pancreatic Cancer cells, Small-Cell Lung Cancer cells, Breast Cancer cells, and Uterine Sarcoma cells. Clinical trials for Pancreatic Cancer indication are planned to be conducted at McGill University's Jewish General Hospital in Montreal, Canada. Sunshine Biopharma is owner of all patents and intellectual property pertaining to Adva-27a."
TPT Global Tech, Inc. (OTCQB: TPTW) announced earlier this month that it had completed an agreement with Rennova Health, Inc. (RNVA) to purchase Epic Reference Labs, a high complexity clinical laboratory located in West Palm Beach, Florida. The agreement includes EPIC's current CLIA certificate of registration that enables TPT MedTech's Mobile QuikLABs to operate in 46 US States delivering rapid Covid-19 Point-of-Care testing and monitoring. Closing of the acquisition is subject to normal change of ownership application and notification to certain regulatory and licensing bodies. Until the change of ownership is complete Rennova will operate the laboratory under agreement on behalf of TPT. "We are excited to complete the acquisition of Epic Reference Labs from Rennova Health to secure our CLIA certifications as we prepare to launch our "QuikLAB" operations in Florida before expanding to the rest of the United States.", says Stephen Thomas CEO of TPTW. "Our first purpose built QuikLAB was recently delivered to Miami and we look forward to initiating testing in the coming weeks"
CytoDyn Inc. (OTCQB: CYDY) announced earlier this month that the Medicines & Healthcare product Regulatory Agency (MHRA) of the U.K. government requested a meeting with CytoDyn on September 9, 2020 to discuss the Company's request for Fast Track approval of leronlimab to treat COVID-19 patients with mild-to-moderate symptoms based upon the trial's Top-line Report and additional eIND data. On the suggestion of the MHRA, CytoDyn will submit its current Phase 3 CD12 study for severe-to-critical COVID-19 patients in the UK to the Urgent Public Health (UPH) Research scheme to receive possible financial support from the trial sites and the government, if the UPH deems the Company's CD12 trial an urgent health issue.Nader Pourhassan, Ph.D., President and Chief Executive Officer of CytoDyn, stated, "We are very encouraged by the MHRA's considering fast track approval of leronlimab and granting us a meeting. In this meeting, CytoDyn will present a summary of its BLA for HIV in conjunction with our request for fast track approval for COVID-19 indication. We are also grateful to the MHRA for advising us about potential financial support from the sites and UK government for our CD12 study currently in process. We also look forward to meeting with the FDA to help expedite the resubmission of our BLA, as well as learning whether we receive Emergency Use Approval for leronlimab for COVID-19 or, alternatively, are required to proceed with a Phase 3 trial. Regardless, we are working diligently to ensure the availability of leronlimab worldwide to provide a potential benefit for patients infected with this terrible disease."
Onconova Therapeutics, Inc. (NASDAQ: ONTX), announced back in July that it had submitted an application with the National Institute of Allergy and Infectious Disease (NIAID), with the goal of obtaining funding from the National Institutes of Health (NIH) to conduct human studies with rigosertib in COVID-19 disease patients. "Recent preclinical studies conducted with rigosertib demonstrate impressive inhibition of SARS-CoV-2 replication in Vero Cells when compared to controls including agents currently being administered and studied in SARS-CoV-2 infection, and provide the Company with optimism that further research in humans infected with SARS-CoV-2 is warranted," said Steven M. Fruchtman, M.D., President and Chief Executive Officer. "While it is difficult to predict when the NIAID will consider the merits of rigosertib in this setting, a positive funding decision could allow Onconova to begin human studies in COVID-19 infected patients. As an oncology-focused company, Onconova does not currently intend to pursue clinical development in COVID-19 without additional sources of non-dilutive funding."
Vystar Corp. (OTCQB: VYST) reported in August that it has engaged Strategic Link Assoc. to manage the supply chain, logistics and manufacturing of Vystar's Rx3000, a hybrid ultraviolet (UV) light and HEPA filter air purification system that is FDA certified as a Class II Medical Device, designed for use in healthcare facilities. The relationship with Strategic Link and its supply and manufacturing network enables significantly increased production capacity to meet the growing demand for RXair purification products that reduce airborne viruses and bacteria, such as coronavirus strains, influenza and pneumonia. "As facility managers work to ensure the air in their facilities is safe, we are fielding requests for far more Rx3000 units than we could produce in-house," stated Steve Rotman, CEO of Vystar. "Strategic Link has brought together high quality, experienced suppliers and manufacturers who are considered essential businesses and have continued operations during the COVID shutdown. This will enable us to have a reliable supply chain and a top quality finished product that is 'Made in the USA'."
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