The Australian-based biotech company, Propanc Health Group, which has been developing proprietary treatments for cancer patients suffering from solid tumors such as pancreatic, ovarian and colorectal cancers, has changed its name to Propanc Biopharma Inc. (OTCQB:PPCHD), according to its Board of Directors, who approved the corporate name change.
“As a result of the company’s recent progress and anticipated upcoming milestones, we believe the timing is right to change our company name to better reflect our stage of growth and development, as well as execute the reverse stock split,” says James Nathanielsz, Propanc’s chief executive officer.
“Given that we expect to complete our GLP toxicity study very soon and expect to then move forward with First-In-Man studies of our lead product, PRP, we wanted to launch our corporate strategy to address our capital structure, reduce debt, and raise additional capital sufficient to progress PRP through clinical development.”
The company’s lead product, PRP, is a novel, patented formulation consisting of two pancreatic proenzymes, trypsinogen and chymotrypsinogen. Currently, PRP aims to prevent tumor recurrence and metastasis in solid tumors.
Around 80 percent of all cancers are solid tumors, and metastasis is the main cause of patient death from cancer. The company’s initial target patient populations include pancreatic, ovarian and colorectal cancers.
In addition, the company is currently compiling results from the recent 28-day GLP-compliant toxicity study for its lead product, PRP, and completing histopathology and biochemistry assessments to determine the toxicological effects of PRP at different dosing intervals. Overall indications suggest that identification of a safe starting dose for First-In-Man studies is possible.
To further move the company forward, Nathanielsz attended the European Small Cap Investor Conference in Paris in April, involving one-on-one meetings between institutional investors and listed companies throughout Europe, the USA and Asia Pacific.
“By undertaking these steps, management hopes to better position the company for an up-listing of its common stock to a national stock exchange in order to help ensure the long-term future of the company and create value for its shareholders,” says Nathanielsz.
For more information, visit http://www.propanc.com.