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Propanc has raised $100 million for cryptocurrency reserves and cancer therapy research.
BlockBeats News, November 11th, according to The Block, Propanc Biopharma, a US-listed biopharmaceutical company (Nasdaq stock code: PPCB), has announced that it has secured up to $100 million in funding from the family office Hexstone Capital, which is active in the Bitcoin, Ethereum, Solana, Dogecoin, and other digital asset spaces. The private placement transaction was structured through convertible preferred stock, with Propanc receiving an initial investment of $1 million and up to $99 million in additional funding over the next year.
The funds will be used to build Propanc's digital asset portfolio and accelerate the development of its flagship cancer therapy, PRP, which is currently scheduled to begin its first human trials in 2026. The company did not specify which digital assets it plans to acquire. The financing news did not halt the decline in Propanc's stock price. On Monday, PPCB's stock price fell by 4%, dropping below $1, with a cumulative decrease of 43% over the past month.
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