PharmaCyte Biotech Releases Statement on Nasdaq Uplisting and Current Business Focus
August 16 2021 - 9:00AM
Business Wire
PharmaCyte Biotech, Inc. (NASDAQ: PMCB) (PharmaCyte or Company),
a biotechnology company focused on developing cellular therapies
for cancer and diabetes using its signature live-cell encapsulation
technology, Cell-in-a-Box®, today released a statement from Kenneth
L. Waggoner, the Chief Executive Officer of PharmaCyte, regarding
the Company’s recent listing on Nasdaq and the Company’s current
business focus.
Mr. Waggoner stated, “Becoming a Nasdaq-listed company is an
important milestone in PharmaCyte’s lifecycle as we continue to
execute on our initiatives to build long term shareholder value and
to develop our treatments for pancreatic cancer, diabetes and other
hard-to-treat diseases. We believe being a Nasdaq-listed company
will help elevate our public profile, expand our shareholder base,
improve liquidity and enhance shareholder value.
“In Q4 2020, we assembled a team of regulatory and scientific
experts to work through the U.S. Food and Drug Administration’s
(FDA) clinical hold requests to achieve an open Investigational New
Drug Application (IND). Our current focus is to comply with the
FDA’s requests as soon as possible. When we make significant
progress towards that goal, we will advise our shareholders and the
investment community.
“As we were working on the FDA’s requests, we developed a plan
to improve both our capital structure and our position in the
market by making PharmaCyte more attractive to the investment
community and uplisting to a national exchange. Our previous share
structure and price made it impossible to continue to fund our
work, achieve an open IND and to fund a clinical trial in locally
advanced, inoperable pancreatic cancer (LAPC) as an OTC Markets
Group company.
“After a necessary reverse stock split, we were able to attract
numerous institutional investors who were interested in our unique
technology and our extremely low float. It was this interest that
allowed us to cull together a host of institutional investors to
join our public offering and raise $15 million. This funding is
vital for us to achieve our work toward an open IND and to begin to
fund our clinical trial in LAPC. Because of the Company’s
restructuring, we were able to accomplish a significant capital
raise while maintaining an extremely low float.
“By listing on Nasdaq, we can leverage the Nasdaq shareholder
engagement and intelligence tools, visibility platform, issuer
advocacy and support, and client network that will provide greater
opportunities for us to succeed in today’s competitive marketplace.
Additionally, we have much improved access to capital to fund our
growth and expansion plans. Nasdaq also brings us increased
transparency and innovation in its trading platform for companies
in the biotechnology, pharmaceuticals and technology sectors.
“We are excited to be listed as a public company with Nasdaq.
Since its inception, Nasdaq has attracted preeminent companies in
their respective business sectors. We are pleased, indeed proud, to
have joined so many other successful companies that trade on
Nasdaq.”
About PharmaCyte Biotech
PharmaCyte Biotech, Inc. is a biotechnology company developing
cellular therapies for cancer and diabetes based upon a proprietary
cellulose-based live cell encapsulation technology known as
“Cell-in-a-Box®.” This technology is being used as a platform upon
which therapies for several types of cancer and diabetes are being
developed.
PharmaCyte’s product candidate for cancer involves encapsulating
genetically engineered human cells that convert an inactive
chemotherapy drug into its active or “cancer-killing” form. For
pancreatic cancer, these encapsulated cells are implanted in the
blood supply to the patient’s tumor as close as possible to the
site of the tumor. Once implanted, the chemotherapy prodrug
ifosfamide that is normally activated in the liver is given
intravenously at one-third the normal dose. The ifosfamide is
carried by the circulatory system to where the encapsulated cells
have been implanted. When the ifosfamide flows through pores in the
capsules, the live cells inside act as a “bio-artificial liver” and
activate the chemotherapy prodrug ifosfamide at the site of the
cancer.
PharmaCyte’s product candidate for Type 1 diabetes and
insulin-dependent Type 2 diabetes involves encapsulating a human
liver cell line that has been genetically engineered to produce and
release insulin in response to the levels of blood sugar in the
human body. PharmaCyte is also considering the use of genetically
modified stem cells to treat diabetes. The encapsulation of the
cell lines will be done using the Cell-in-a-Box® technology. Once
the encapsulated cells are implanted in a diabetic patient, we
anticipate that they will function as a “bio-artificial pancreas”
for purposes of insulin production.
Safe Harbor
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that express the current beliefs and expectations of the management
of PharmaCyte. Any statements contained in this press release that
do not describe historical facts are forward-looking statements
that are subject to risks and uncertainties that could cause actual
results, performance, and achievements to differ materially from
those discussed in such forward-looking statements. Factors that
could affect our actual results include our ability to maintain the
listing of our common stock on a national securities exchange,
raise the necessary capital to fund our operations and to find
partners to supplement our capabilities and resources,
satisfactorily address the issues raised by the FDA to have the
clinical hold removed on our IND so that we may proceed with our
planned clinical trial for LAPC, as well as such other factors that
are included in our periodic reports on Form 10-K and Form 10-Q
that we file with the SEC. These forward-looking statements are
made only as of the date hereof, and we undertake no obligation to
update or revise the forward-looking statements, except as
otherwise required by law, whether because of new information,
future events or otherwise.
More information about PharmaCyte Biotech can be found at
www.PharmaCyte.com. Information may also be obtained by contacting
PharmaCyte’s Investor Relations Department.
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version on businesswire.com: https://www.businesswire.com/news/home/20210816005165/en/
Dr. Gerald W. Crabtree Investor Relations: PharmaCyte
Biotech, Inc. Investor Relations Department Telephone: 917.595.2856
Email: InvestorRelations@PharmaCyte.com
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