PharmaCyte Biotech to Implement Second $10-Million Share Repurchase Plan
February 02 2023 - 9:00AM
Business Wire
PharmaCyte Biotech, Inc. (Nasdaq:PMCB) (“PharmaCyte” or the
“Company”), a biotechnology company focused on evaluating its
signature live-cell encapsulation technology,
Cell-in-a-Box® for potential development of cellular
therapies for cancer, diabetes and malignant ascites, announced
today that its Board of Directors has authorized a second share
repurchase program to repurchase up to $10 million of PharmaCyte’s
outstanding common stock. This second share repurchase
authorization is effective immediately for a two-year period.
PharmaCyte expects to fund the program with its available cash. The
Company enacted a similar program in June 2022.
PharmaCyte’s CEO Josh Silverman commented, “Based on our
continued and very fortunate cash position, we believe it is
essential that we continue to create additional shareholder value
wherever and whenever possible. We believe this follow-on stock
buyback program is an essential part of these activities and
believe that it demonstrates our commitment to our shareholder
base. To that end, we also continue to prudently manage our
expenses to maintain our strong balance sheet. In the meantime, we
continue our evaluation of our current programs while actively
exploring the potential for other strategic opportunities.”
The shares may be repurchased from time to time in open market
transactions, privately negotiated block transactions, or other
means in accordance with applicable securities laws. The timing of
the purchase, the number of shares repurchased, and the prices paid
for the shares under the program will depend on general business
and market conditions, the trading price of PharmaCyte’s common
stock and corporate and regulatory limitations. The share
repurchase program does not obligate PharmaCyte to acquire a
specific dollar amount or number of shares and may be extended,
modified, or discontinued at any time.
About PharmaCyte Biotech
PharmaCyte is a biotechnology company focused on evaluating its
signature live-cell encapsulation technology,
Cell-in-a-Box®, for potential development of cellular
therapies for cancer, diabetes and malignant ascites.
PharmaCyte’s candidate therapy 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 to be implanted in
the blood supply to the patient’s tumor as close as possible to the
site of the tumor. Once implanted, a chemotherapy drug that is
normally activated in the liver (ifosfamide) will be given
intravenously at one-third the normal dose. The ifosfamide is to be
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 are expected to act as a
“bio-artificial liver” and activate the chemotherapy drug at the
site of the cancer.
PharmaCyte’s candidate therapy for Type 1 diabetes and
insulin-dependent Type 2 diabetes involves encapsulating a human
cell line that has been genetically engineered to produce and
release insulin in response to the levels of blood sugar in the
human body. The encapsulation of the cell line 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.
PharmaCyte’s therapy for malignant ascites involves using the
same encapsulated cells PharmaCyte employs for pancreatic cancer
but placing the encapsulated cells in the peritoneal cavity of a
patient and administering ifosfamide intravenously.
Until the review by the Business Review Committee and the Board
is complete and the Board has determined the actions and plans to
be implemented, the Board has curtailed spending on the foregoing
programs.
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 PharmaCyte’s
management and Board of Directors. Any statements contained in this
press release which do not describe historical facts are
forward-looking statements 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
satisfactorily address the issues raised by the FDA in order to
have the clinical hold on our IND removed, whether our exploration
of additional opportunities to create new paths toward shareholder
value is successful, as well as such other factors that are
included in the periodic reports on Form 10-K and Form 10-Q that we
file with the U.S. Securities and Exchange Commission. 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 as a
result of new information, future events or otherwise. More
information about PharmaCyte Biotech can be found at
https://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/20230202005339/en/
Investor Contact: CORE IR ir@pharmacyte.com
Media Contact: Jules Abraham CORE IR Telephone:
917.885.7378 Email: julesa@coreir.com
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