Welcome to our dedicated page for PharmaCyte Biotech news (Ticker: PMCB), a resource for investors and traders seeking the latest updates and insights on PharmaCyte Biotech stock.
PharmaCyte Biotech, Inc. (PMCB) is a clinical-stage biotechnology company dedicated to the development and commercialization of innovative cellular therapies for cancer and diabetes. The company's core technology, known as Cell-in-a-Box, is a proprietary cellulose-based live cell encapsulation platform. This cutting-edge technology is designed to offer targeted and effective treatment options for various types of cancer, including advanced and non-metastatic pancreatic cancer, as well as insulin-dependent diabetes.
PharmaCyte's primary focus is on developing therapies for pancreatic and other solid cancerous tumors. The Cell-in-a-Box technology enables the encapsulation of live cells, which are placed within the body to deliver cancer-killing drugs directly to the tumor site. This approach ensures that the therapeutic agents are activated at the cancer source, minimizing damage to surrounding healthy tissues.
In addition to its cancer therapies, PharmaCyte is actively developing treatments for diabetes. The company is working on creating a therapy for type 1 diabetes and insulin-dependent type 2 diabetes by encapsulating Melligen cells, which are designed to produce insulin. To advance this research, PharmaCyte has entered into a research agreement with the University of Technology, Sydney. They are also exploring therapies for cancer based on the constituents of the cannabis plant, expanding the potential applications of their proprietary technology.
PharmaCyte Biotech’s innovative approach and strategic partnerships position it at the forefront of biotechnological advancements in cancer and diabetes treatment. With ongoing research and development, the company aims to transform the therapeutic landscape and provide new hope for patients facing these challenging diseases.
MyMD Pharmaceuticals has secured up to $42 million in strategic investments through two private placement funding rounds. The first round raised $7 million from PharmaCyte Biotech, while the second round secured another $7 million from existing shareholders. These financings involve Series G and Series F-1 Preferred Stock, both convertible to MYMD common stock, with accompanying warrants. The closings are anticipated around May 22, 2024. The Series G Preferred Stock includes 7,000 shares with a $1,000 per share value, and Series F-1 includes 5,050 shares. The funds are expected to support MyMD's clinical studies on MYMD-1 for sarcopenia over the next two years. The full conversion and warrant exercise are subject to stockholder approval.
PharmaCyte Biotech has announced a $7 million strategic investment in MyMD Pharmaceuticals, a company focused on treating inflammatory diseases, age-related conditions, and autoimmune disorders. This investment is part of PharmaCyte's strategy to leverage its $65 million cash position to enhance stockholder value. MyMD's lead product, MYMD-1, has shown promising results in a Phase 2 clinical trial for sarcopenia, and the company plans to move forward with further clinical studies in collaboration with the FDA. Both companies express optimism about the potential for future collaboration and the benefits of combining their expertise and resources.
PharmaCyte Biotech (NASDAQ:PMCB) has announced a second share repurchase program, authorizing up to $10 million to buy back its outstanding common stock over the next two years. The program will be funded through available cash, following a similar program initiated in June 2022. CEO Josh Silverman emphasized the company’s commitment to enhancing shareholder value while prudently managing expenses. The buyback may occur through various means, depending on market conditions and regulatory limitations, with no obligation to acquire a specific number of shares. This move reflects the company's strong financial position and potential strategic planning.
PharmaCyte Biotech announced the resignation of CEO Kenneth L. Waggoner on October 6, 2022, with Joshua N. Silverman appointed as interim CEO. The Board has established a Business Review Committee to assess strategies for enhancing shareholder value amid a clinical hold by the FDA on its Cell-in-a-Box® technology. The company plans to continue its share repurchase program, allowing up to $10 million in stock buybacks, while curtailing expenses until a strategic direction is determined.
PharmaCyte Biotech, Inc. (NASDAQ: PMCB) has appointed five new independent directors as part of its reconstituted Board. This follows a Cooperation Agreement with Iroquois Master Fund Ltd., which owns approximately 6.7% of PharmaCyte’s shares. New directors include Jonathan L. Schechter and Joshua N. Silverman from Iroquois, alongside Jack E. Stover, Daniel S. Farb, and Daniel C. Allen. Approximately 90% of FDA requests to lift a clinical hold have been met, with one significant study remaining. The company aims to enhance shareholder value and advance treatments for cancer, diabetes, and malignant ascites.
PharmaCyte Biotech, Inc. (NASDAQ: PMCB) opposes Iroquois Capital’s consent solicitation to expand its Board from 7 to 15 members, claiming this would entrench Iroquois's influence without a control premium. The company accuses Iroquois of proposing a board that lacks relevant expertise and could diminish shareholder value, especially given Iroquois's history of value destruction in previous investments. PharmaCyte emphasizes its focus on advancing its clinical programs and urges shareholders to reject Iroquois's proposals, highlighting that 90% of FDA requirements needed to lift the clinical hold are already met.
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