PharmaCyte Biotech Raises Additional $1 Million for Pancreatic Cancer Clinical Trial
January 14 2016 - 9:25AM
PharmaCyte Biotech, Inc. (OTCQB:PMCB), a clinical stage
biotechnology company focused on developing targeted treatments for
cancer and diabetes using its signature live-cell encapsulation
technology, Cell-in-a-Box®, announced today that the Company raised
an additional $1 million. A Form 8-K was filed yesterday with the
SEC providing the details of the capital raise. PharmaCyte has
shown repeatedly the ability to raise the funds necessary to get
into a pancreatic cancer clinical trial and to continue its work in
both pancreatic cancer and diabetes.
PharmaCyte’s Chief Executive Officer, Kenneth L.
Waggoner, stated, “We have a lot of work ahead of us this year at
PharmaCyte. With the recently announced private placement of just
over $1 million, we have not only increased our cash on hand to
over $3.0 million but have increased our leverage in the capital
markets. What is mission critical for PharmaCyte is getting into a
pancreatic cancer clinical trial and producing the data that is
necessary for us to approach the FDA. We have every expectation
that will occur this year.”
About PharmaCyte BiotechPharmaCyte Biotech is a
clinical stage biotechnology company focused on developing and
preparing to commercialize treatments for cancer and diabetes based
upon a proprietary cellulose-based live cell encapsulation
technology known as “Cell-in-a-Box®.” This unique and patented
technology will be used as a platform upon which treatments for
several types of cancer and diabetes are being developed.
PharmaCyte’s treatment for cancer involves
encapsulating genetically modified live cells that convert an
inactive chemotherapy drug (ifosfamide) into its active or
“cancer-killing” form. These encapsulated live cells are placed as
close to a cancerous tumor as possible. Once implanted in a
patient, ifosfamide is then given intravenously at one-third the
normal dose. The ifosfamide is carried by the circulatory system to
where the encapsulated cells have been placed. When ifosfamide,
which is normally activated in the liver, comes in contact with the
encapsulated live cells, activation of the drug takes place at the
source of the cancer without any side effects from the
chemotherapy. This “targeted chemotherapy” has proven remarkably
effective and safe to use in past clinical trials.
In addition to developing a novel treatment for
cancer, PharmaCyte is developing a treatment for Type 1 diabetes
and Type 2 insulin-dependent diabetes. PharmaCyte plans to
encapsulate a human cell line that has been genetically engineered
to produce, store and release insulin in response to the levels of
blood sugar in the human body. The encapsulation will be done using
the Cell-in-a-Box® technology.
Safe Harbor This press release may contain
forward-looking statements regarding PharmaCyte Biotech and its
future events and results that involve inherent risks and
uncertainties. The words "anticipate," "believe," "estimate,"
"expect," "intend," "plan" and similar expressions, as they relate
to PharmaCyte Biotech or its management, are intended to identify
forward-looking statements. Important factors, many of which are
beyond the control of PharmaCyte Biotech, could cause actual
results to differ materially from those set forth in the
forward-looking statements. They include PharmaCyte's ability to
continue as a going concern, delays or unsuccessful results in
preclinical and clinical trials, flaws or defects regarding its
product candidates, changes in relevant legislation or regulatory
requirements, uncertainty of protection of PharmaCyte Biotech’s
intellectual property and PharmaCyte Biotech’s continued ability to
raise capital. PharmaCyte Biotech does not assume any obligation to
update any of these forward-looking statements.
More information about PharmaCyte Biotech can be found at
www.PharmaCyte.com. It can also be obtained by contacting Investor
Relations.
Investor Relations:PharmaCyte Biotech,
Inc.Investor Relations DepartmentTelephone: 917.595.2856Email:
Info@PharmaCyte.com