SAN DIEGO, CA / ACCESSWIRE / May 4, 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 further strides toward the elimination of toxic debt and dilution risk with the preemptive settlement of its outstanding convertible note liability (the "Note") held by Harbor Gate Capital LLC ("Harbor Gate").
Under the terms of the Note, Harbor Gate had the right to redeem the outstanding liability in the form of an equity conversion that presented dilution risk for Nascent shareholders. The Note's total value at the time of preemptive settlement was $115,000, which includes principal, accrued interest, and prepayment value.
In addition, as of April 1, 2021, all preferred shares associated with prior convertible financing instruments have already been converted. Only one convertible note remains open, which will not come due until August 2021.
"We continue to advance in our mission to eliminate all remaining dilution risk from prior funding rounds, and our latest note payoff represents a substantial step in that process," noted Sean Carrick, CEO of Nascent Biotech. "With all prior conversions already effective in our outstanding share supply, and the Harbor Gate note now settled, we have almost entirely eliminated outstanding dilution risk for shareholders."
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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SOURCE: Nascent Biotech Inc.