Nascent Biotech Announces Pre-emptive Elimination of Significant Tranche of Convertible Debt
SAN DIEGO, CA / ACCESSWIRE / April 26, 2021 / 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 and viral infections, is pleased to announce that It has paid off and eliminated a major convertible debt note, pre-emptively preventing a dilutive conversion.
The note, which was held by JSJ Investments, LLC (“JSJ”), represented over $186k in debt carried pre-conversion on the Company’s balance sheet. Under the terms associated with the note, JSJ had the right to convert the value of the note into common shares at a substantial discount to current average trading levels in NBIO shares, which would have represented a significant dilutive event.
Instead, to prevent such an event and to reinforce its commitment to preserving shareholder value, the Company has paid off the full value of the note.
Nascent’s CEO Sean Carrick stated, “We value our shareholders and our reputation as a shareholder friendly Company above all else. We have our sights set on some very big long-term objectives. And we won’t get there by working against the interests of our common equity holders. Paying off this JSJ note reduces uncertainty and lightens the balance sheet. We look forward to identifying other opportunities to defend our shareholders’ interests and avoid unnecessary dilution in financing our progress as we move toward full commercialization of monoclonal antibody solutions in the cancer and viral treatment markets.”
About Nascent Biotech
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. The Company’s lead candidate, Pritumumab (PTB), is a fully human mAb that is in an FDA-approved Phase I clinical trial 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 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.
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