PharmaCyte Biotech, Inc. - PMCB STOCK NEWS

PharmaCyte Biotech (NASDAQ: PMCB) has started the pilot phase of its pig study, a critical requirement to lift the FDA’s clinical hold on its Phase 2b trial for locally advanced, inoperable pancreatic cancer (LAPC). This pilot study aims to assess the safety and distribution of CypCaps, a key component in their therapy. Conducted by CBSET, Inc., the study will utilize two Yorkshire pigs to evaluate treatment delivery and effects. Successful completion of this study may advance PharmaCyte's clinical plans and regulatory discussions with the FDA.

PharmaCyte Biotech (NASDAQ: PMCB) announced interim results from a study on malignant ascites mouse models, crucial for testing their CypsCaps™ therapy combined with ifosfamide for pancreatic cancer. Conducted by Heidelberg Pharma, the study aims to optimize tumor cell inoculation and assess tumor burden accurately. Initial findings suggest using overall tumor volume provides a superior measure of tumor burden compared to fluorescence. PharmaCyte aims to offer a treatment that addresses malignant ascites, a condition commonly linked to poor cancer prognosis, with no current market options available.

PharmaCyte Biotech (NASDAQ: PMCB) announced its preliminary unaudited financial results for the fiscal year ending April 30, 2022. The company reported a cash position of $85.4 million and operating expenses of approximately $4.4 million, up from $3.6 million the previous year. The expected net loss for FY 2022 is $4.2 million, roughly $0.27 per share, compared to a net loss of $3.6 million or $2.45 per share last year. CEO Kenneth L. Waggoner highlighted significant progress on FDA requirements for a clinical trial in pancreatic cancer.

Iroquois Capital Management, one of PharmaCyte Biotech's largest stockholders with 7.1% ownership, seeks to expand the Board of Directors by eight members through a written consent delivered on July 8, 2022. Iroquois criticizes the current Board for delaying stockholder meetings and lacking necessary capital markets experience, especially given the Company’s significant cash reserves. They highlight concerns about potential management entrenchment and failures to lift a clinical trial hold. Iroquois aims to reconstitute the Board to restore shareholder value.

Iroquois Capital Management, a major shareholder of PharmaCyte Biotech (PMCB), owning 6.3% of common stock, has criticized recent board actions aimed at entrenchment ahead of the 2022 Annual Meeting. They argue the board, led by Kenneth L. Waggoner, lacks experience and accountability, contributing to the company’s stock price decline and missed milestones in clinical trials. Iroquois contends that the board's obstruction tactics hinder their efforts to communicate with other shareholders regarding a slate of director candidates, calling for a change in leadership to improve corporate governance.

PharmaCyte Biotech (NASDAQ: PMCB) announced a successful study validating the use of quantitative real-time PCR (qRT-PCR) as a quality control test for its CypCaps product candidate, intended for treating locally advanced pancreatic cancer. The study confirmed the genetic stability of the cytochrome P450-expressing cells used in CypCaps, addressing FDA requirements. PharmaCyte is nearing the completion of FDA tasks to lift its clinical hold, with only a few studies remaining before commencing a crucial two-phase pig study.

Iroquois Capital Management, a significant shareholder of PharmaCyte Biotech (NASDAQ: PMCB), has nominated seven director candidates for election at the upcoming annual meeting, citing governance deficiencies and missed milestones. Holding approximately 6.1% of the outstanding shares, Iroquois criticizes the current board for poor performance and a lack of accountability. Iroquois believes that a reconstituted board with experienced professionals is essential for the company's turnaround and to restore stockholder value.

PharmaCyte Biotech (NASDAQ: PMCB) responded to Iroquois Capital's June 9, 2022 letter, defending its operations and strategy. The company emphasized its focus on advancing its Cell-in-a-Box^® technology for cancer and diabetes therapies. PharmaCyte plans to expedite its Phase 2b clinical trial for pancreatic cancer, potentially saving six months of time. The Board's experience was defended against claims of dysfunction, highlighting successful capital raises totaling nearly $90 million. New executive compensation agreements aim to align management's goals with shareholder interests.

PharmaCyte Biotech (NASDAQ: PMCB) has announced that CEO Kenneth L. Waggoner will represent the company at the 2022 BIO International Convention in San Diego, California, from June 13-16. The event is a key opportunity for PharmaCyte to showcase its innovative Cell-in-a-Box® technology, aimed at treating cancer, diabetes, and malignant ascites. Waggoner highlighted the significance of engaging with industry leaders and investors to advance their therapies. The convention will feature over 100 sessions covering various therapeutic areas and innovations.