NASCENT BIOTECH, INC. (OTCMKTS:NBIO) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01 Material Definitive Contract
On April 22, 2020, Nascent Biotech Inc. (the “Company”) notified Triton Funds, LLC (“Triton”) that it was in breach of the previously executed Stock Purchase Agreement (the “SPA”) and cancelled a purchase order dated April 15, 2020 to Triton.The Company has discontinuing further draw downs on the equity line of credit with Triton. The decision was made by the Company due to downward pressure of the forward pricing of the draw down and previous breaches of the SPA by Triton.
On April 27, 2020, the Company filed a Post-Effective Amendment to its Registration Statement filed with the Securities and Exchange Commission the registration statement filed on September 19, 2019 and amended on October 16, 2019, canceling the S-1 and removing from registration the remaining unissued shares of the S-1.
Item 2.03 Creation of Direct Financial Obligation or an Obligation under an Off Balance Sheet Arrangement of a Registrant.
The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
About NASCENT BIOTECH, INC. (OTCMKTS:NBIO)
Nascent Biotech Inc. is a clinical-stage biopharmaceutical company that develops monoclonal antibodies for the treatment of various forms of cancer. The Company is engaged in the research and development of the antibodies for control of brain and pancreatic cancer in humans. The Company focuses on biologic drug candidates that are undergoing or have already completed initial clinical testing for the treatment of cancer and then seek to further develop those drug candidates for commercial use. The Company owns the license rights to a drug candidate, pritumumab, which it is developing. The Company is primarily focused on developing pritumumab for the treatment of patients with brain cancer malignancies, such as glioblastoma and malignant astrocytoma. Pritumumab is a monoclonal antibody. The Company has not generated revenues.
