BEVERLY HILLS, Calif., April 30, 2014 (GLOBE NEWSWIRE) -- Rich Pharmaceuticals, Inc. (OTCQB:RCHA) ("Rich" or the "Company") is pleased to announce the completion of additional financing of approximately $400,000 to fund the continued growth of the Company.
The proceeds from the financings will be used by the Company to commence manufacturing the drug, to engage a Contract Research Organization (CRO) to assist the Company with the preparation and filing of an IND (investigation new drug) submission to the Food and Drug Administration (FDA), and for legal, patent and administrative related expenses. The Company has raised $310,000 in 2014 through the sale of stock and warrants to three accredited investors, and the Company has also raised $90,500 through the issuance of convertible promissory notes.
"We continue to move forward to advance the development of our leading compound for the treatment of Acute Myelocytic Leukemia," said Ben Chang, Chief Executive Officer of the Company.
About Rich Pharmaceuticals:
Rich Pharmaceuticals, Inc. (OTCQB:RCHA) is a Biopharmaceutical Company developing a treatment for Acute Myelocytic Leukemia (AML)/white blood cell elevation and other blood related diseases. Rich Pharmaceuticals' goal is to extend refractory patients life expectancy and increase quality of life. Rich Pharmaceuticals' primary development stage product candidate which is being designed to treat blood and cancer related diseases through none evasive outpatient facilities. Find out more at www.richpharmaceuticals.com.
Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, references to novel technologies and methods, our business and product development plans, our financial projections or market information. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with developing new products or technologies and operating as a development stage company, our ability to raise the additional funding we will need to continue to pursue our business and product development plans, our ability to develop and commercialize products based on our technology platform, competition in the industry in which we operate and market conditions. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in the reports and other documents we file with the SEC, available at www.sec.gov or under the "Investor" tab at www.richpharmaceuticals.com.