Propanc Health Group Corp (OTCMKTS:PPCH) was a notable mover during the trading session. The stock surged by close to 30% on the back of 6 times the daily average volumes. On the back of the price volume action seen during Tuesday’s trading session, the stock was able to move above its 50 day moving average. The stock currently is facing resistance at its 200 day moving average. Traders believe a breach above the level of $0.04 would be indicative of a reversal and push the stock higher. The relative strength index has given a buy signal indicative of buying momentum.
Propanc Health Group Corp (OTCMKTS:PPCH) announced that it had received $4 million in funding from a well-known institutional investor. As per the reports, this funding will be used to advance Propanc’s lead product named PRP onto human trials.
Propanc is one of the leading emerging companies in the field of healthcare. Its prime focus has always been on developing new treatments for different cancer patients suffering from colorectal and pancreatic cancers.
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As part of the newly signed agreement, a $1.2 million promissory note, which was first offered by the investor a couple of months ago, has been made part of the newly announced purchase agreement. The remaining $2.8 million amount will be paid to Propanc Health by the investor as soon as it achieves a few milestones and equity conditions as described in the agreement.
Propanc is very confident about its much talked-about product, PRP, and looks forward to finishing all the pending trials with the help of this funding. One of the spokespersons of the company said that the aggregate funding of $4 million will be good enough to conduct all the studies and other development works. Additionally, it will also cover all the operational expenses that are expected to occur over the next 12 months.
It was not easy to get this much of funding in such a short time, but the management team of Propanc worked closely with its advisory panel to sort out all the differences and proceed further in the best way possible. According to James Nathanielsz, CEO, Propanc Health Group, it’s great to complete this funding round. Propanc management team welcomes all the investors on board and hopes that going forward things will progress in a smooth way.
With the help of this funding, Propanc will look forward to finishing the human trials of PRP as soon as possible and proceed to the next phase of development and commercialization.