Pharmacyte Biotech Inc (OTCMKTS:PMCB), which changed its name from Nuvilex, recently sought to put records straight on certain corporate issues as well as update shareholders on some progress. The company is concerned with the development of treatments for cancer and diabetes. It has various projects on course and hopes to secure favorable results that would support regulatory approval and subsequent commercialization of the products under development.
Some of the issues that Pharmacyte Biotech Inc (OTCMKTS:PMCB) sought to make clear to its shareholders include in reverse stock splitting and availability of cash to finance clinical trials. According to the company’s CEO, Kenneth L. Waggoner, they currently have no plans for reverse stock split.
Cash isn’t an issue
On the issue of cash availability, the CEO stated clearly that PharmaCyte currently has adequate cash to support its clinical projects. Additionally, Waggoner cited that they have favorable opportunities to raise capital if they need more money. At least, the two updates helped to relax shareholders’ concern about possible stock dilution.
Pharmacyte Biotech Inc (OTCMKTS:PMCB) has a drug development platform known as Cell-in-a-Box, which is a proprietary biotechnology that the company is trying to exploit to develop more effective treatments for cancer and diabetes. The company updated shareholders on its various drug development projects on course.
Favorable FDA designation for cancer drug
The CEO, Waggoner, disclosed that the FDA granted Orphan Drug designation for their advanced pancreatic cancer treatment in late December 2014.
Pharmacyte Biotech Inc (OTCMKTS:PMCB) has plans to start Phase 1 clinical study in the U.S. for the pancreatic cancer treatment. The trial is expected to start in 3Q2015. The company is also in collaboration with various partners to support development of more cancer and diabetes targeted treatments as it seeks to expand its portfolio of products.
The other area that Pharmacyte Biotech Inc (OTCMKTS:PMCB) provided update is on its Board, where it said that addition board members will be unveiled soon, citing that those joining its board will have significant experience in the field of life sciences.