MANHATTAN BEACH, Calif., Jan. 4, 2011 /PRNewswire/ -- Genesis Biopharma, Inc. (OTC Bulletin Board:GNBP.ob - News), a biotechnology company developing targeted cancer therapies, today announced that it closed private offerings in December and October 2010 pursuant to which it entered into definitive agreements with accredited investors to purchase a total of 845,000 shares of the Genesis Biopharma common stock for a purchase price of $1.00 per share. Investors in both financings were granted registration rights, with certain exceptions, relating to the shares purchased in the private offerings.
“We raised almost $2 million in 2010, including the proceeds from the October and December private financings,” said Robert Brooke, President and CEO of Genesis Biopharma. “We believe our ability to raise these funds, particularly given current market conditions, reflects the potential of our anti-CD55 cancer therapeutic program. We expect 2011 to be a pivotal year in our corporate development as we progress toward clinical testing and remain active in our business development efforts.”
About Genesis Biopharma, Inc.
Genesis Biopharma, Inc. is a development-stage biotechnology company engaged primarily in the development of targeted cancer therapies. For more information on the company, visit www.genesis-biopharma.com.
The foregoing press announcement contains forward-looking statements that can be identified by such terminology as “expect,” “potential,” “suggests,” “bodes,” “may,” “should,” “could” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management’s expectations regarding future research, development and/or commercial results could be affected by, among other things, uncertainties relating to clinical trials and product development; availability of future financing; unexpected regulatory delays or government regulation generally; the company’s ability to obtain or maintain patent and other proprietary intellectual property protection; and competition in general. Forward-looking statements speak only as of the date they are made. The company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
