Pharmacyte Biotech Inc (OTCMKTS:PMCB) a clinical-stage biotech company, updated on developments on its diabetes and cancer programs and at the corporate level. It is a leading company focused on developing targeted medications for diabetes and cancer using its live-cell encapsulation technology, known as Cell-in-a-Box®.
Kenneth L. Waggoner, the CEO of PharmaCyte Biotech said that provided all of the progress that have occurred since last update, the management believes it is the right time to provide updates to shareholders. Also, it seems an appropriate time to brief what is in store for the company in the coming days. The company remains focused on introducing its diverse platform technology in industry and is confident that Cell-in-a-Box-based medication will become a popular name in the future. The priority has always remained to maximize shareholder value and the team is working assiduously to meet that objective
Waggoner said that before providing updates it is essential to address two major issues and are of concern to shareholders. The first is related with reverse stock split decision. The second issue is related with the access to capital to carry on clinical studies. He stated that PharmaCyte Biotech has no intentions to effectuate a reverse stock split. Moreover, the cash position is adequate and strong with the ability to raise funds remains favorable.
PharmaCyte Biotech’s Cell-in-a-Box® treatment with low-doses of ifosfamide for cure of advanced and inoperable pancreatic cancer was given the Orphan Drug designation by the FDA in late December, 2014. The results from first preclinical study were positive. The company is busy with its preparation measures for the Phase 2b clinical study in patients suffering with advanced and inoperable pancreatic cancer. The diabetes program trials are going on at UVM, Vienna to determine if Melligen cells are tumorigenic. The coordinator for diabetes program studies is Dr. Constantine Konstantoulas.