PharmaCyte Biotech Expands Product Pipeline to Include Diabetes and Malignant Ascites Following $90-Million Capital Raise
August 25 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 announced that the Company will
expand its product pipeline to again include its diabetes program
and its malignant ascites program. Expanding the product pipeline
was made possible after PharmaCyte closed on two public offerings,
totaling approximately $90 million, including exercised
warrants.
The Chief Executive Officer of PharmaCyte, Kenneth L. Waggoner,
said of the capital raises, “With the closing of two separate
public offerings totaling approximately $90 million now complete,
PharmaCyte can, for the first time in its history, operate
comfortably in its development of treatments for hard-to-treat
diseases without being constrained by financial resources.
“For a myriad of reasons, this is unquestionably good news for
the Company, our shareholders and the patients we hope to treat.
Most importantly, we now have the capital to complete the work
necessary to satisfy the FDA’s requests to lift the clinical hold
and receive an open Investigational New Drug application (IND) for
our treatment in locally advanced, inoperable pancreatic cancer
(LAPC). In addition, PharmaCyte is positioned to immediately move
into a fully funded clinical trial in LAPC should the FDA lift the
clinical hold. Also, because the Company is now well-capitalized,
we can broaden our entire development pipeline, including our
diabetes and malignant ascites programs.
“We were able to attract institutional investors to accomplish
this substantial raise while maintaining our low-float, and we have
no plans to raise additional capital any time soon.”
Mr. Waggoner, discussing the expansion of the Company’s product
pipeline, continued, “PharmaCyte remains laser focused on getting
our leading product candidate, the treatment for LAPC, into a Phase
2b clinical trial. However, after deferring our diabetes and
malignant ascites programs to dedicate every dollar to our
treatment for LAPC, we are now ideally situated to reengage these
two programs.
“We are excited to have the opportunity to continue what is very
important work in the development of a treatment for Type 1 and
insulin dependent Type 2 diabetes and for a treatment to delay the
production and accumulation of malignant ascites fluid that results
from abdominal tumors.”
To learn more about PharmaCyte’s pancreatic cancer therapy and
how it will work inside a patient’s body to treat locally advanced,
inoperable pancreatic cancer, we encourage you to watch
PharmaCyte’s documentary video at
https://PharmaCyte.com/Cancer.
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/20210825005274/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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