PharmaCyte Biotech Announces Shareholders Vote to Increase the Authorized Capital
PharmaCyte Biotech (OTCQB: PMCB) announced that a majority of its shareholders voted in favor of increasing the authorized number of shares of common stock, essential for the ongoing development of its pancreatic cancer therapy. The Annual Shareholder Meeting on June 16, 2021, also saw other proposals pass. The official vote results will be disclosed during the reconvened meeting on June 30, 2021. CEO Kenneth L. Waggoner expressed gratitude for shareholder support, emphasizing the importance of Proposal No. 2 for the company’s viability and therapy progress.
- Majority of shareholders voted in favor of increasing authorized shares, crucial for funding.
- Other proposals at the Annual Shareholder Meeting also passed.
- The need to increase authorized shares may indicate potential financial difficulties.
- Continued dependency on external capital raises questions about financial stability.
PharmaCyte Biotech, Inc. (OTCQB: PMCB), a biotechnology company focused on developing cellular therapies for cancer and diabetes using its signature live-cell encapsulation technology, Cell-in-a-Box® , announced today that, unofficially, a majority of PharmaCyte’s shareholders have voted in favor of Proposal No. 2, the proposal to increase the authorized number of shares of its common stock. The other proposals that were voted upon during the Annual Shareholder Meeting held on June 16, 2021, have also received enough votes, unofficially, to pass.
When the annual meeting is reconvened on June 30, 2021, it will continue to be held virtually at www.virtualshareholdermeeting.com/PMCB2021. At that time, the official votes for each proposal will be tallied and then announced to the public in a Form 8-K PharmaCyte will file with the SEC.
The Chief Executive Officer of PharmaCyte, Kenneth L. Waggoner, stated that, “We are thankful for the overwhelming support of our shareholders on each of the 4 proposals on which the shareholders were asked to vote. In particular, passage of Proposal No. 2 was critical for PharmaCyte to remain viable and for its pancreatic cancer therapy to remain in development.”
For those shareholders who have not listened to the June 16 shareholder meeting, the playback is available on the PharmaCyte website at: https://www.pharmacyte.com/media.
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 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 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) 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 drug at the site of the cancer. This “targeted chemotherapy” has proven effective and safe to use in past clinical trials and we believe results in little to no treatment related side effects.
PharmaCyte’s therapy 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 herein 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 raise the necessary capital to fund our operations and to find partners to supplement our capabilities and resources, our ability to satisfactorily address the issues raised by the FDA in order to have the clinical hold on our IND removed, 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 www.PharmaCyte.com. Information may also be obtained by contacting PharmaCyte’s Investor Relations Department.
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FAQ
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