Crystal Research Associates has issued a 9-page Company Update on pharmaceutical company, Sunshine Biopharma Inc. (SBFM-NASDAQ)
Snapshot of Sunshine Biopharma Inc.
Sunshine Biopharma Inc. (“Sunshine Biopharma” or “the Company”) is a revenue-generating pharmaceutical company offering life-saving medicines within a variety of therapeutic areas, including oncology and antivirals. The Company’s proprietary therapeutic drug development program includes two drug candidates: (1) K1.1, a messenger RNA (mRNA) therapeutic for liver cancer, and (2) SBFM-PL4, a PLpro inhibitor for the treatment of SARS Coronavirus infections. Sunshine Biopharma’s proprietary pharmaceutical pipeline addresses large markets with significant unmet needs in oncology and anti-viral indications, creating a diversified portfolio with a combined market potential of over $30 billion for the initial targeted indications. In addition to its proprietary drug development efforts, the Company also operates two wholly owned subsidiaries: Nora Pharma Inc., a Canadian corporation with a portfolio of 61 generic prescription drugs; and Sunshine Biopharma Canada Inc., a Canadian corporation, which develops and sells over the counter (OTC) supplements, including Essential 9TM, the first supplement comprising the 9 essential amino acids in capsule form. According to the Company, the growth of its revenue-generating generic pharmaceutical business, through the operations of Nora Pharma, places Sunshine Biopharma on track to achieve profitability by FY 2025, with the generated cash flow expected to support and facilitate the development of its proprietary pharmaceutical pipeline. Sunshine Biopharma’s revenue generating generic pharmaceutical business, in conjunction with its focused proprietary drug development efforts, provides a low-risk model where the lengthy pharmaceutical development and approval process is supported by revenue generating activities.
Key Points
- On August 19, 2024, Sunshine Biopharma announced second quarter 2024 financial results for the quarter ended June 30, 2024 and provided a corporate update.
- The Company reported gross revenues of $9,303,067 for the three months ended June 30, 2024, reflecting a 67% increase compared to $5,560,865 for the same period in 2023. For the six-month period ending June 30, 2024, gross revenues were $16,844,113, a 61% increase from $10,454,918 in the year ago period. These gains were driven by new product launches and enhanced marketing and sales efforts by the Company’s wholly owned Canadian subsidiary, Nora Pharma Inc.
- Sunshine Biopharma currently has 61 generic prescription drugs on the market in Canada and 32 additional drugs scheduled to be launched in the remainder of 2024 and in 2025.
- One of the new drugs set to launch in October 2024 is NIOPEG®, a biosimilar of NEULASTA®. Similar to NEULASTA®, NIOPEG® is a long-acting form of recombinant human granulocyte colony-stimulating factor (filgrastim) and is designed to reduce the risk of infection in patients with non-myeloid malignancies undergoing anti-neoplastic therapy. On April 19, 2024, the Company announced that Nora Pharma had received approval from Health Canada for the commercialization of NIOPEG® in Canada.
- On August 6, 2024, the Company announced a one for twenty reverse split of its common stock, effective at market open on August 8, 2024. The reverse stock split was undertaken to regain compliance with Nasdaq’s minimum bid price requirement for continued listing.
- The Company’s cash position as of June 30, 2024 is $11.5 million.
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