Nascent Biotech Inc. Announces the Retirement of Its Convertible Debt
San Diego, CA September 17, 2015 – Nascent Biotech, Inc, (“Nascent” or “the Company”) (PINK.BB: NBIO) is pleased to announce that it has retired the $ 60,000 convertible debenture effective yesterday. The convertible debt could have potentially been converted into 6,000,000 shares of the Company’s common stock, thus diluting all the shareholders by nearly 30%. Company management felt that the debenture was a toxic debt and that repaying it was best for the Company and its shareholders.
“Because of this enormous dilution potential, we felt it was in the best interest of the shareholders that the Company retire the debt which was a remnant from the merger with the public entity last year,” stated Sean Carrick, President and CEO of Nascent. Carrick further stated, “the Company has advanced its science and is moving towards application of its IND so it can commence clinical trials in the near future.”
About Nascent Biotech Inc.:
NBI is a biotechnology company developing human Monoclonal Antibodies (mAb’s) for immunotherapy of cancer. Its lead therapeutic candidate, Pritumumab, was the first human antibody ever developed to treat a cancer patient. The company is now developing a new clinical protocol and Initial New Drug (IND) package for commencement of new clinical trials to be conducted in the United States under the guidance of the US Food and Drug Administration (FDA).
This news release contains “forward-looking statements” as that term is defined in the United States Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended. Statements in this press release that are not purely historical are forward-looking statements, including beliefs, plans, expectations or intentions regarding the future, and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors, such as the inherent uncertainties associated with new business opportunities and development stage companies. We assume no obligation to update the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate.
Nascent Biotech Inc.
Lowell Holden, CFO
Phone: (612) 961-5656
Fax: (612) 486-7055