Sunshine Biopharma, Inc. (OTCMKTS:SBFM) Regains Ground, Picks Up Volume
After a disappointing few weeks that sent the share price of Sunshine Biopharma Inc (OTCMKTS:SBFM) down to fresh 52-week lows at $0.0037 per share just last week, the stock is now pushing and shoving its way back up on considerable daily volume. Yesterday SBFM closed 26% up for a second day in a row and stopped at $0.0072 per share.
SBFM is a biopharma focusing on cancer treatment. Its flagship product is called the Adva-27a and still has a long way in front of it. In early August 2015 The company announced the initial manufacturing sample of Adva-27a met all specifications, which cleared the way for the production of 2 kilograms to be used in clinical trials.
The roadmap on SBFM‘s website and the company’s latest report indicate this 2-kilo batch still has not been produced, as SBFM is “conducting the next sequence of steps”, that include the manufacture of the needed quantity, followed by investigational new drug enabling studies, filing for IND status and eventually Phase I clinical trials.
The latest quarterly SBFM furnished went live on Nov 4 and contained the following:
- $125 thousand in cash
- $136 thousand in total assets
- $469 thousand in total liabilities
- zero in quarterly revenues
- $202 thousand in quarterly net loss
It’s somewhat disturbing to see a biopharma whose flagship product is still in early development spend only $8 thousand for research and development over the course of the first nine months of 2015 but this is exactly what the balance sheet states.
The company had 137 million outstanding shares as of Nov 4, 2015. Out of those, 60 million saw the light of day between January and September 2015.
