CHICAGO, IL and LA JOLLA, CA - (NewMediaWire) - August 25, 2015 - Panther Biotechnology, Inc. (OTC PINK: PBYA), a biotechnology company specializing in the acquisition and development of enhanced therapeutics for the treatment of neoplastic, autoimmune and antiviral disorders, today announced that it has executed a convertible note with a strike price of $7.50 with Chicago Venture Partners.
"After completing due diligence and analyzing our innovative oncology portfolio as well as the pioneering candidates that Panther is being presented, the Chicago Venture Partners investment validates the drug candidates that Panther has chosen to develop and commercialize," stated Evan Levine, Chief Executive Officer of Panther Biotechnology. "This financing agreement enables the continuation of our strategy of focusing on identifying and developing undervalued clinical assets, including those programs that have missed clinical endpoints, as well as bringing scientific and medical personnel capable of running the trials and extracting value from the assets. "
Under the terms of the transaction, Chicago Venture Partners executed an agreement in which Panther transacted convertible original discount notes totaling $1.215 million. The notes are convertible at $7.50 per share subject to certain adjustments. Chicago Venture Partners delivered an initial $220,000 and will deliver a second $220,000 in 90 days in the event that no material adverse changes have occurred. Chicago Venture Partners and agreed to fund three additional tranches of $220,000 each in the absence of any material adverse events. Panther is in negotiations with several other groups for additional financing opportunities, however, there is no guarantee that any additional transactions will be consummated.
ABOUT PANTHER BIOTECHNOLOGY
Panther Biotechnology, Inc. is an entity focused on the acquisition and development of enhanced therapeutics for the treatment of neoplastic, autoimmune and antiviral disorders. The Company is currently developing three clinical candidates, TRF-DOX, which is a combination of transferrin glycoproteins with Doxorubicin for targeted delivery to tumors with the reduction of serious side effects, Numonafide, which is a derivative of the widely studied anticancer drug Amonafide optimized to eliminate toxic metabolites and reduce side effects, and TDZD-8, a kinase inhibitor targeting cancer stem cells. Panther has recently announced the acquisition of Alchemia Oncology Pty Ltd., which is expected to close in the next six months upon an uplisting to NASDAQ, NYSE, or the ASE. Panther is continuing its acquisition strategy focusing on identifying undervalued companies and clinical assets, including those programs that have missed clinical endpoints, bringing scientific and medical personnel capable of running the trials and extracting value from the assets. Panther is also in discussions with several groups for financing support for clinical and commercial development.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as the date thereof, and Panther Biotechnology undertakes no obligation to update or revise the forward-looking statement whether as a result of new information, future events or otherwise. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the future success of our scientific studies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments, the financial resources available to us, and general economic conditions.
Shareholders and prospective investors are cautioned that no assurance of the efficacy of pharmaceutical products can be claimed or assured until final testing; and no assurance or warranty can be made that the FDA will approve final testing or marketing of any pharmaceutical product. Panther's most recent Annual Report and subsequent Quarterly Reports discuss some of the important risk factors that may affect our business, results of operations and financial condition. We disclaim any intent to revise or update publicly any forward-looking statements for any reason.