Nascent Biotech Completes Payment of Variable Convertible Note in Full to Eliminate Dilution Risk

Rhea-AI Summary

Nascent Biotech, Inc. (OTCQB:NBIO) has announced the completion of payment of all outstanding variable convertible debt obligations, demonstrating their commitment to prioritize shareholder interests.

NORTH PALM BEACH, FL / ACCESSWIRE / December 19, 2023 / Nascent Biotech, Inc. (OTCQB:NBIO) ("Nascent Biotech", "Nascent", or the "Company"), a clinical-stage biotechnology Company pioneering the development of monoclonal antibodies targeting treatment of various cancers, is pleased to announce that the Company has completed payment of all outstanding variable convertible debt obligations.

On August 30, 2023, the Company and the Noteholder YA II PN, LLC agreed to terms that fully satisfy the Company's outstanding obligation with respect to the related note. Under the terms of the agreement, the Noteholder did not charge any interest and the obligation is now considered "settled in full" with no conversion to common shares.

"This step is part of our ongoing commitment to prioritize our shareholders' interests and to consistently demonstrate to the market and prospective investors that we hold shareholder value of vital importance when managing our balance sheet," remarked Nascent CEO, Sean Carrick. "Repayment of the principal value of this note at this time eliminates dilution risk with no penalty, averting any potential conversion to common stock that might otherwise adversely impact our loyal stakeholders."

About Nascent Biotech

Nascent Biotech, Inc. (OTCQB: NBIO) is a clinical-stage biotech company pioneering the development of monoclonal antibodies to be used in the treatment of various cancers and viral infections, helping people worldwide. Its products are not yet commercially available. The Company's lead candidate, Pritumumab (PTB), is a monoclonal Antibody (Mab) that is being studied in Phase I clinical trials for the treatment of Brain Cancer.

For further information please visit our website www.nascentbiotech.com.

Forward Looking Safe Harbor Statement

Statements in this press release about our future expectations constitute 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, Nascent Biotech Inc's ability to target the medical professionals; Nascent Biotech Inc's ability to raise capital; as well as other risks. Additional information about these and other factors may be described in the Nascent Biotech Inc's Form 10, filed on May 2, 2015, and future subsequent filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.

Corporate Contact
Sean Carrick | CEO | Nascent Biotech, Inc.
sean.carrick@nascentbiotech.com

Public Relations
EDM Media, LLC
https://edm.media

SOURCE: Nascent Biotech Inc.

View the original press release on accesswire.com

What did Nascent Biotech announce?

Nascent Biotech, Inc. announced the completion of payment of all outstanding variable convertible debt obligations.

When did Nascent Biotech complete the payment of outstanding debt?

Nascent Biotech completed the payment on August 30, 2023.

What is the ticker symbol for Nascent Biotech?

The ticker symbol for Nascent Biotech is OTCQB:NBIO.

Who is the CEO of Nascent Biotech?

The CEO of Nascent Biotech is Sean Carrick.

What is the focus of Nascent Biotech's development?

Nascent Biotech is pioneering the development of monoclonal antibodies targeting treatment of various cancers.