El Paso-based Premier Biomedical recently announced that the company has entered into a $5 million common stock purchase agreement with Kodiak Capital Group, LLC, an institutional investor based in Newport Beach, RI. A registration statement has been signed with the U.S. Securities & Exchange Commission (“SEC”) in order to cover the shares that may be issued to Kodiak under the terms of the common stock purchase agreement. Once the SEC makes the registration statement effective, Premier will be authorized to sell up to $5 million of common stock under the terms set forth in the agreement with Kodiak for a period of one year
Premier’s move to secure equity funding from Kodiak is part of the company’s ongoing effort to advance the company’s research and development programs for its breast cancer treatments. To date, several of the company’s studies have shown encouraging results. According to a recent press release, “. . . in a study with laboratory mice conducted earlier this summer, a lead breast cancer drug candidate outperformed chemotherapy and yielded much better results — smaller tumor volume, a much lower mortality rate and increased subject weight gain. This study was again duplicated months later in the laboratory with a recurrence of similarly exceptional results. In addition to confirming previous results, the results of this study were significant in that no mice treated with Premier Biomedical, Inc.’s therapy developed metastatic disease, the leading cause of death among human breast cancer patients.”
William A. Hartman, President and Chief Executive Officer of Premier Biomedical, Inc., explained that the rapid acceleration of successful study results has also been the result of committed partners in the research and development of Premier’s breast cancer treatments: “Through our rapidly accelerating program progress made in conjunction with our two partners in research and development, the University of Texas at El Paso and the US Department of Defense, towards the development of desperately needed treatments for cancer, TBI, PTSD, and Alzheimer’s disease, we’ve never been more excited about the breadth of Premier Biomedical’s portfolio of therapeutic candidates,” he said, adding, “This financing will provide the resources to massively accelerate all of our programs, including testing of three humanized breast cancer drug candidates, each with distinct mechanisms of action that operate synergistically, and to accelerate our planned testing programs on larger animals and subsequent human clinical trials in FY 2014. This infusion of capital, provided at terms found by the Company to be very favorable, will accelerate the timetable for the development of commercially available drugs for patients suffering from these terrible diseases. We’re very excited to be partners with Kodiak and welcome their investment with open-arms.”
Premier’s participation with UT El Paso and the US Department of Defense is part of a larger, growing effort growing throughout Texas involving research institutions, biotech companies, and the military. In related news, Military Medical Research Non-Profit Organization HJF Recently Opened an office in San Antonio in order to work closely with the military science research assets in and around San Antonio.