Nascent Biotech Continues to Reduce Liabilities by Over $2.0 Million Dollars
Nascent Biotech, Inc. (OTCQB:NBIO) has successfully reduced its liabilities, decreasing convertible note principal from $161,250 to $11,250, achieving a total reduction of $150,000.
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Rhea-AI Summary
Nascent Biotech, Inc. (OTCQB:NBIO) has successfully reduced its liabilities, decreasing convertible note principal from $161,250 to $11,250, achieving a total reduction of $150,000. This debt reduction strengthens the company's financial position, allowing it to focus on upcoming clinical trials for its lead candidate, Pritumumab (PTB), targeting brain and pancreatic cancers. The trials are set to begin soon, with additional development for COVID-19 treatments also underway.
Positive
- Reduced convertible note principal from $161,250 to $11,250, a $150,000 decrease.
- Strengthened financial position facilitates focus on clinical trials.
Negative
- None.
Details
News Market Reaction – NBIO
The recorded move for NBIO in the trading session of this news was +5.18%.
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SAN DIEGO, CA / ACCESSWIRE / October 1, 2020 / Nascent Biotech, Inc. (OTCQB:NBIO) Announced today that It has continued to reduce its liabilities through stock conversion and payment of accounts payable and accrued liabilities. The reduction was achieved through the conversion of debt to equity and the reduction of liabilities, including its last convertible note. The convertible note's principal is now
Nascent's CEO Sean Carrick states," The reduction of debt puts Nascent in a stronger position to move forward with the clinical trials which are to begin soon. Further liability management is a primarily objective of the Company."
About Nascent Biotech, Inc.:
Nascent Biotech, Inc. (OTCQB:NBIO) is a clinical-stage biotech company pioneering the development of monoclonal antibodies (mAbs) for the treatment of incurable cancers such as brain and pancreas, as well as hard-to-treat cancers such as colon and lung. Nascent is also employing its mAbs as part of treatments for dangerous viral infections, such as COVID-19. Collectively, cancers and viral infections afflict and kill tens of millions worldwide each year. Nascent's products are not commercially available. Our lead candidate, Pritumumab (PTB), is a fully-human mAb that will commence study in an FDA-approved Phase I clinical trial later this year for the treatment of primary and metastatic brain cancer, including glioblastoma and malignant astrocytoma. Development of PTB as a potential treatment for COVID-19 has been initiated. For more information, visit www.nascenbiotech.com.
Safe Harbor:
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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Contact:
Sean Carrick
President | CEO | Nascent Biotech, Inc.
6330 Nancy Ridge Dr Suite 105
San Diego CA 92121
772.713.0541 Cell
sean.carrick@nascentbiotech.com
www.nascentbiotech.com
SOURCE: Nascent Biotech, Inc.
View source version on accesswire.com:
https://www.accesswire.com/608585/Nascent-Biotech-Continues-to-Reduce-Liabilities-by-Over-20-Million-Dollars
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