MELBOURNE, AUSTRALIA / ACCESSWIRE / June 18, 2015 / Propanc Health Group Corporation (PPCH) (“Propanc” or “the Company”), an emerging healthcare company focusing on the development of new and proprietary treatments for cancer patients, today announced the Company repaid two outstanding convertible notes as part of its plans to reduce overall debt.
The Company repaid a total of $120,599.29 to KBM Worldwide Inc. and Carebourn Capital. Importantly, the Company continues to take a considered approach to repaying its debts, whilst carefully balancing the need for capital to fund its research and development activities.
“Once again, I am pleased we continue to settle these debts, as we seek to minimize shareholder dilution and engage long term investors willing to support the Company’s plans to progress PRP into clinical trials,” said James Nathanielsz, Propanc’s Chief Executive Officer, “Whilst I am grateful for the working capital which has been put to good use for the Company, the Board is now focusing its attention on reducing overall debt, increasing cash reserves and investing additional funds into our research and development activities.”
We are a development stage healthcare company that is currently focused on developing new cancer treatments for patients suffering from pancreatic and colorectal cancer. Together with our scientific and oncology consultants, we have developed a rational, composite formulation of anti-cancer compounds which exert a number of effects designed to control or prevent tumors from recurring and spreading throughout the body. Our leading products are variations upon our novel formulation and involve or employ proenzymes, which are inactive precursors of enzymes. As a result of positive early indications of the anti-cancer effects of our technology, we intend to submit our proenzyme treatment to the rigorous, formal non-clinical and clinical development and trial processes required to obtain the regulatory approval necessary to commercialize it and any product(s) derived and/or to be derived therefrom.
In the near term, we intend to target patients with limited remaining therapeutic options for the treatment of solid tumors such as colorectal or pancreatic tumors. In the future, we intend to development our lead product to treat (i) early stage cancer and (ii) pre-cancerous diseases and (iii) as a preventative measure for patients at risk of developing cancer based on genetic screening. For more information, please visit: www.propanc.com.
Certain of the matters discussed in this announcement involve risks and uncertainties including, without limitation, those regarding the Company’s ability to establish and maintain the proprietary nature of its technology through the patent process, its ability to license from others patents and patent applications, if necessary, to develop certain products, its ability to implement its long range business plan for various applications of its technology, and its ability to enter into agreements with any necessary marketing and/or distribution partners for purposes of commercialization. This is not a solicitation to buy or sell securities and does not purport to be an analysis of the company’s financial position. See Propanc’s most recent Quarterly Report on Form 10-Q and related 8K filings