Propanc Biopharma secures $100 million funding for digital assets

Propanc Biopharma, Inc. (NASDAQ: PPCB) announced it has entered into a securities purchase agreement with Hexstone Capital LLC for a private placement of up to $100 million in convertible preferred stock. The biopharmaceutical company received an initial investment of $1 million upon closing.

The funding will support the company's digital asset acquisition strategy and accelerate its research and development pipeline, with plans for its lead product candidate PRP to enter a First-In-Human study in the second half of 2026. The initial investment was based on the issuance of 100 shares of newly designated Series C Convertible Preferred Stock, each with a par value of $0.01 and an initial stated value of $10,000.

Under the agreement, Propanc will issue 9,900 warrants to Hexstone, each entitling the purchase of one share of preferred stock at $10,000 per share, totaling up to $99 million in potential funding. The warrants are exercisable immediately and remain valid for 12 months.

The company may call up to 500 warrants per calendar month at $0.01 each, allowing the exercise of up to $5 million in preferred stock monthly, subject to equity conditions and beneficial ownership limits.

"We are entering a transformative phase for the Company as we work on building our digital asset base and strengthening our balance sheet," said James Nathanielsz, Propanc's Chief Executive Officer.

Hexstone Capital LLC is described as a family office that has invested in Digital Asset Treasury companies across various digital assets including Bitcoin, Ethereum, Solana, Dogecoin, and others.

Propanc develops treatments for patients with recurrent and metastatic cancer, focusing on targeting cancer stem cells through proenzyme activation. The company filed additional details in a Form 8-K with the Securities and Exchange Commission.

You May Also Be Interested In

• Jupiter Neurosciences prices $2M registered direct offering of shares
• ESS Tech closes $3.2M stock offering at $0.50 per share
• SEC accuses ex-BofA senior banker Satsky of insider trading - Bloomberg