Sunshine Biopharma Q2 Report Reveals Approximately 1,940% Increase In Cash & Cash Equivalents And 80% Decrease In Net Loss Within 6 Months

Sunshine Biopharma Q2 Report Reveals Approximately 1,940% Increase In Cash & Cash Equivalents And 80% Decrease In Net Loss Within 6 Months

Sunshine Biopharma, Inc. SBFM SBFMW announced that it has filed its 2022 second-quarter report with the Securities and Exchange Commission. The report shows that the Company had Cash & Cash Equivalents of $41,727,775 as of June 30, 2022, compared to $2,045,167 as of December 31, 2021.

In February, the Company completed a registered securities offering of its Common Stock together with Tradeable Warrants for gross proceeds of approximately $8 million and began trading on the Nasdaq Stock Exchange under the ticker "SBFM" for the common Stock and "SBFMW" for the Tradeable Warrants.

On March 14, 2022, the company received gross proceeds of an additional $8 million from a private placement of Common Stock and Non-Tradeable Warrants with certain institutional and accredited investors.

On February 18, 2022, the Company entered into a research agreement with the University of Arizona for the purposes of advancing the development of novel Coronavirus PLpro inhibitors owned by the University of Arizona and the University of Illinois Chicago. Under the research agreement, the University of Arizona granted the company the first option to negotiate for a commercial, royalty-bearing license for all intellectual property pertaining to the research project.

During the first six months of 2022, the company continued to build sales momentum for its Essential 9™ science-based supplement, with sales increasing to $272,952 compared to $92,032 in the first half of 2021.

The Company had a net loss of $1,775,106 in the first half of 2022, compared to a net loss of $9,064,180 in the first half of 2021.

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