SAN DIEGO, May 31, 2017 /PRNewswire/ --
Entest BioMedical Inc. (PINK: ENTB) announced today that it has satisfied $841,531 of Notes Payable as well as $83,000 of accrued expenses through the issuance of the Company's non-voting convertible preferred stock to the creditors. The terms of the settlement are disclosed in a form 8K dated May 30, 2017 filed by the Company with the United States Securities and Exchange Commission and publicly available through the SEC's EDGAR system.
Entest BioMedical Inc.'s Chairman and CEO David Koos noted, "The Company is trying to mitigate shareholder concerns regarding the impediment that the Company's debt burden may pose to our forward progress. I believe this action should strengthen our shareholders' belief in our goal to bring small molecule cancer and autoimmune therapies to animals through our subsidiary, Zander Therapeutics Inc."
About Zander Therapeutics Inc. and Entest BioMedical Inc.:
Zander Therapeutics is a subsidiary of Entest BioMedical Inc. (OTCPink: ENTB), a publicly traded biotechnology company focused on veterinary medicine. The Company seeks to develop small molecule and immune stimulating therapies for veterinary applications.
Currently, the Company's major interest is in developing small molecule therapies for treating cancer and autoimmune diseases in animals, which include arthritis.
Zander Therapeutics Inc. is the exclusive licensee for veterinary applications of Regen BioPharma Inc.'s (OTCQB: RGBP) (OTCQB: RGBPP) intellectual property and technology relating to NR2F6. NR2F6 is a molecular switch known as an 'orphan nuclear receptor', which controls genes associated with the immune response. Zander Therapeutics is solely focused on veterinary applications.
David Koos serves as Chairman and Chief Executive officer of Regen BioPharma, Inc. (OTCQB: RGBP), Entest BioMedical Inc. (OTCPINK: ENTB) and Zander Therapeutics Inc. (subsidiary of Entest BioMedical Inc.).
Disclaimer: This news announcement may contain forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
Zander Therapeutics Inc. and Entest BioMedical Inc.
David R. Koos, Ph.D.
Chairman & Chief Executive Officer
SOURCE Entest BioMedical Inc.