HOUSTON, TX--(Marketwired - Dec 16, 2016) - Panther Biotechnology, Inc. (OTC PINK: PBYA) or Panther, has announced today that it has set a Record Date or Earn-Out Record Date for shareholders of record to participate in the Earn-Out Consideration afforded to the Earn-Out Shareholders pursuant to the Share Exchange Agreement between Panther Biotechnology, Inc. and Brown Technical Media Corp. filed on November 15th, 2016. The record date for Panther shareholders who are eligible to receive the Earn-Out Consideration is set for January 31st, 2017. Panther expects to file its Form 10K for fiscal year ended October 31, 2016 in conjunction with the Earn-Out Record Date.
The Earn-Out Consideration is being awarded specifically for milestones resulting from the development of Transferrin Doxorubicin, Panther's novel doxorubicin conjugate initially planned for the treatment of platinum-resistant ovarian cancer. Panther recently announced that it has received positive feedback from the submission presented to the U.S. Food and Drug Administration ("FDA") pursuant to a Pre-IND (Investigational New Drug) meeting with the Division of Oncology Products 1 (DOP1) of the Center for Drug Evaluation and Research (CDER) of the FDA.
As stipulated in the Share Exchange Agreement, Panther shall use its commercially reasonable best efforts to issue to the Earn-Out Shareholders, pro rata with their ownership of the Company as of the Record Date:
(i) 6,000,000 shares of common stock of Panther, in the event that Transferrin Doxorubicin meets the primary endpoint for Phase 2 clinical trials;
(ii) 8,000,000 shares of common stock of Panther, in the event that Transferrin Doxorubicin meets the primary endpoint for Phase 3 clinical trials; and
(iii) 10,000,000 shares of common stock of Panther, in the event that Transferrin Doxorubicin receives FDA Approval / Clearance to market the product.
Further, Panther Biotechnology, Inc. has submitted an application to OTCMarkets for trading on the OTCQB. To be eligible for the listing, Panther must be current in its reporting to a US regulatory body and undergo an annual management certification process to verify officers, directors, controlling shareholders and shares outstanding. The up listing is intended to increase both transparency and liquidity for our current and future shareholders.
"Panther's Management continues to perform and execute on its dual business endeavors of advancing its lead oncology program through the clinic and concurrently providing shareholders with a solid media business with growing revenues," stated Evan Levine, Chief Executive Officer of Panther. "We believe that upgrading our current trading exchange will instill improved investor confidence, growing our revenues through our media business will attract long term shareholder support and securing a funding partner for Transferrin Doxorubicin will offer the inherent risk reward of biotechnology investments in which aggressive investors tend to seek."
About Panther Biotechnology, Inc.
Panther Biotechnology, Inc., since inception, has been an entity focused on the acquisition and development of enhanced therapeutics for the treatment of neoplastic, autoimmune and antiviral disorders. Panther has recently merged with Brown Technical Media Corp. Panther will continue its regulatory effort with the goal of seeking a partner or financing for its anticipated phase 2a study of Transferrin Doxorubicin and will focus its efforts on growing its revenues in the e-learning and training content, exam preparation, testing, certification, continuing education, compliance and career advancement tools for engineers, tradesman and technical experts in a wide variety of professions.
About Brown Technical Media Corp.
Brown Technical Media Corp. is the only online aggregator of e-learning and training content, exam preparation, testing, certification, continuing education, compliance and career advancement tools for engineers, tradesman and technical experts in a wide variety of professions. From our Corporate Headquarters in Houston, Texas, Brown is executing a disruptive strategy of defragmenting the marketplace of thousands of disparate companies by acquiring smaller companies in the areas of our expertise and organically growing revenue through synergies. Brown serves customers in engineering firms, electrical contractors, fabricators, plumbing contractors, pipe fitters, riggers, and qc firms and is aggressively expanding into additional industries offering the full chain of training, certification and continuing education. Brown is changing the landscape for small and medium sized businesses by providing consistent, high quality online training usually only available to enterprise companies serving hundreds of thousands of customers with an established and proven online marketing platform delivering products via e-learning, print and digital media.