Nascent Biotech continues its anti-dilution campaign with preventive settlement of the convertible note in circulation | 2021-05-04 | Press Releases

SAN DIEGO, CA / ACCESSWIRE / May 4, 2021 / Nascent Biotech, Inc. (OTCQB: NBIO) (“Nascent Biotech”, “Nascent” or the “Company”), a clinical-stage biotechnology company pioneering the development of monoclonal antibodies targeting the treatment of various cancers and viral infections , is pleased to announce further progress towards eliminating toxic debt and dilution risk with the pre-emptive settlement of its outstanding convertible note liabilities (the “Note”) held by Harbor Gate Capital LLC (“Harbor Gate “).

Under the terms of the note, Harbor Gate was entitled to repay the outstanding liabilities in the form of a conversion into shares which presented a dilution risk to the shareholders of Nascent. The total value of the note at the time of preferential settlement was $ 115,000, which includes principal, accrued interest and prepayment value.

In addition, as of April 1, 2021, all preferred shares associated with previous convertible financing instruments have already been converted. Only one convertible note remains open, which will not mature until August 2021.

“We continue to make progress on our mission to eliminate any dilution risks remaining from previous rounds, and our latest ticket reimbursement represents a substantial step in that process,” said Sean Carrick, CEO of Nascent Biotech. “With all of the previous conversions already in effect in our outstanding share offering and the Harbor Gate Note now settled, we have almost completely eliminated the outstanding dilution risk to shareholders.”

About nascent biotechnology

Nascent Biotech, Inc. (OTCQB: NBIO) is a clinical-stage biotechnology company pioneering the development of monoclonal antibodies (mAbs) for the treatment of incurable cancers such as the brain and pancreas, as well as difficult-to-treat cancers such as colon and lung. Nascent also uses its mAbs as part of treatments for dangerous viral infections, such as COVID-19. Collectively, cancers and viral infections afflict and kill tens of millions of people around the world each year. Nascent products are not commercially available. The Company’s lead candidate, Pritumumab (PTB), is a fully human mAb undergoing an FDA-approved Phase I clinical trial for the treatment of primary and metastatic brain cancer, including glioblastoma and malignant astrocytoma. The development of PTB as a potential treatment for COVID-19 has been initiated.

For more information, please visit our website www.nascentbiotech.com.

Forward-looking statement on the Safe Harbor

Statements in this press release regarding our future expectations constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. These risks and uncertainties include, without limitation, the ability of Nascent Biotech Inc to target healthcare professionals; the ability of Nascent Biotech Inc to raise capital; as well as other risks. Additional information on these and other factors may be described in Form 10 from Nascent Biotech Inc, filed May 2, 2015, and future subsequent filings with the Securities and Exchange Commission. The Company assumes no obligation to update or publish revisions of these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unforeseen events, except as required by law. .

Corporate contact

Sean Carrick

President | CEO

Emerging Biotech, Inc.

772.713.0541 Cell

[email protected]

Public relations

EDM Media, LLC

https://edm.media

THE SOURCE: Emerging Biotech Inc.

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