BEVERLY HILLS, Calif., Feb. 28, 2017 /PRNewswire/ -- Rich Pharmaceuticals, Inc. (OTCPK: RCHA) ("Rich" or the "Company"), a biopharmaceutical company focused on developing and commercializing innovative therapies in oncology announced today that it has entered into new financing agreements with GHS Investments, LLC.
The investments will be made through an equity purchase agreement and registration rights agreement that provides for the sale of up to $2 million in shares of the Company's common stock to GHS Investments, LLC. The obligations of GHS Investments, LLC to purchase the shares are subject to certain conditions contained in the financing agreements, including the filing of a registration statement with the Securities and Exchange Commission and the effectiveness of the registration statement. CEO of Rich Pharmaceuticals, Ben Chang, stated "We are excited to start our new partnership with GHS Investments and believe this will be a step in the right direction while we continue our efforts in the treatment of Acute Myelocytic Leukemia (AML) and Myelodysplastic Syndrome (MDS). This is a crucial move because once the registration statement is effective it will allow funding while the Company begins clinical trials." "We believe that a financing that is equity based and allows the Company to decide when shares are issued will allow us to move in the right direction" continued Mr. Chang.
Rich Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing innovative therapies in oncology. The company is in Phase 1/2 clinical trials for the treatment of Acute Myelocytic Leukemia (AML) and Myelodysplastic Syndrome (MDS).
The terms of the equity purchase agreement and registration rights agreement, and copies of those agreements, were disclosed in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on February 27, 2017, which may be found at www.sec.gov or on the Company's website at www.richpharmaceuticals.com/investor-relations/sec-filings/.
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, references to novel technologies and methods, our business and product development plans, and our ability to obtain financing from GHS Investments. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with developing new products or technologies and operating as a development stage company, our ability to raise the additional funding we will need to commence clinical trials and to continue to pursue our business and product development plans, our ability to develop and commercialize products based on our technology platform, competition in the industry in which we operate and market conditions. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the reports and other documents we file with the SEC, available at www.sec.gov. This is not a solicitation to buy or sell securities and does not purport to be an analysis of the Company's financial position.
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SOURCE Rich Pharmaceuticals, Inc.