Propanc Biopharma, a development‑stage biopharmaceutical company, completed a convertible preferred stock financing with Hexstone Capital LLC that can raise up to $100 million. The transaction closed on November 10, 2025, and includes an initial $1 million investment.
The deal provides 9,900 warrants that allow holders to purchase one share of preferred stock at $10,000 each. The warrants are exercisable immediately and remain valid for 12 months, giving Hexstone a flexible entry into the company’s capital structure.
Proceeds will be directed toward strengthening the company’s digital‑asset balance sheet and accelerating the development of its lead proenzyme therapy, PRP. The therapy has completed preclinical work and is slated to enter a First‑In‑Human Phase Ib study in the second half of 2026.
Propanc is a pre‑revenue company that has reported significant EBITDA losses—$57.28 million in the most recent twelve‑month period—and has not yet generated revenue. The company’s recent IPO and Nasdaq uplisting in August 2025 raised $4 million, but the new financing is intended to extend the runway needed to reach clinical milestones. The digital‑asset strategy involves acquiring undervalued digital‑asset treasury companies that hold Bitcoin and Ethereum, a move that aims to diversify assets and provide a hedge against traditional cash burn.
CEO James Nathanielsz said the dual‑track approach “represents a transformative phase for the company,” adding that building a digital‑asset base will strengthen the balance sheet and accelerate the proenzyme platform. He also noted that the company’s vision is to target not only metastatic cancer but also other chronic diseases that could benefit from the proenzyme mechanism.
The financing underscores the company’s need for capital to reach the next clinical milestone while pursuing a novel diversification strategy. Investors will likely focus on the company’s ability to translate the PRP therapy into a viable product and on the performance of its digital‑asset holdings, both of which will shape the company’s long‑term value proposition.
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