MELBOURNE, Australia, Jan. 13, 2016 /PRNewswire/ -- Propanc Health Group Corporation (OTCQB: PPCH) ("Propanc" or "the Company"), an emerging healthcare company focusing on development of new and proprietary treatments for cancer patients suffering from pancreatic, ovarian and colorectal cancers, today announced the Company received a further $525,000 tranche from an institutional investor in order to progress their lead product, PRP, towards human trials.
To date, the Company has received approximately $2.4 Million from the Institutional Investor since the Securities Purchase Agreement, Debenture and Warrant (the "Financing Documents") were executed by both parties on October 28th.
The balance of the investment amount of approximately $1.6 Million shall be paid (totaling $4 Million) in the future, pending the achievement of certain equity conditions set forth in the Financing Documents, as described in the Company's recent filings.
The aggregate deal size provides sufficient capital to cover future research and development activities leading up to the preparation and commencement of human trials for their lead product, PRP, and is expected to sufficiently cover the Company's operations this year.
Since receiving this important financing, the Company has commenced animal toxicology studies this month as part of the next phase of development for PRP. Since PRP will be administered by I.V injection, selecting the right dose will be determined by completing a dose range finding study, prior to initiating a more detailed GLP (Good Laboratory Practice) animal safety toxicology study around June this year.
As a result of continued investment into R&D activities, intellectual property development and settling of company debts, the Company's current cash position is close to $1.2 Million.
"We are extremely pleased to receive ongoing support from our investor and are well placed to undertake key activities in preparation for early stage clinical trials for PRP," said James Nathanielsz, Propanc's Chief Executive Officer. "Conducting these important animal studies is a critical step wise approach which will help characterize the safety profile of PRP and define the most appropriate starting dose for Phase I human trials."
Preparation is underway to initiate a scientific advice meeting with a European Regulatory Agency first quarter this year based on where the Company expects to undertake early stage clinical trials for PRP, either late 2016, or early 2017. The focus of the meeting will be to discuss the animal safety toxicology studies in detail and agree upon the proposed development clinical development pathway for PRP.
Propanc aims to fast track the development of proenzyme related oncology products into clinical trials for colorectal and pancreatic tumors, initially. According to Global Analyst Reports, the world market for colorectal cancer is expected to reach $8.8 billion by 2020 and the global pancreatic cancer market is projected to exceed $1.2 billion by 2015.
Propanc is currently focused on developing new cancer treatments for patients suffering from pancreatic and colorectal cancers. We have developed a 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 products involve or employ proenzymes, which are inactive precursors of enzymes.
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 future, we intend to develop 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, 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.
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SOURCE Propanc Health Group Corporation
Released January 13, 2016