Propanc Health Group Corp (OTCMKTS:PPCH), a healthcare company focussing on developing treatments for cancer patients, released a press note yesterday informing the appointment of Dr. Joseph Chalil. The company said that Dr. Chalil will assume the role of an independent expert at its Scientific Advisory Board. In his role, Dr. Chalil will extend his valuable expertise for the development of the company’s drug programs, including its lead product, PRP.
Appointment of Dr. Chalil
The company took the opportunity to detail out the background of Dr. Chalil, highlighting that he serves as a Physician and Executive at Boehringer Ingelheim, which is regarded as one of the world’s largest pharmaceutical company. Propanc Health Group Corp (OTCMKTS:PPCH) noted that Boehringer Ingelheim is based out in Germany and operates through 146 affiliates. It added that the company attained net sales of 13.3 billion euros in 2014, R&D expenditure totaled 19.9% of its net sales.
Dr Chalil assured that he will assist the company in progressing towards milestones set for its product candidates. He added that the company’s lead product, PRP has a novel mechanism that can have likely clinical benefits.
Repayment of debt
Prior to this announcement, Propanc Health Group Corp (OTCMKTS:PPCH) had also updated its shareholders about the repayment of two outstanding convertible debt. The company’s gesture to repay convertible notes came in line with its commitment to reduce overall debt.
Propanc Health Group Corp (OTCMKTS:PPCH) informed shareholders that it had repaid a total sum of $120,599.29 to entities named KBM Worldwide Inc. and Carebourn Capital, which is seen as another positive development. In addition, the company reiterated that it will continue to repay its debts without impacting its capital needs for future research and development activities.
The stock price of Propanc Health Group Corp (OTCMKTS:PPCH) settled higher by nearly 8.50% to $0.103 during the previous trading session as a total of 14.27 million shares traded on the day.