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PharmaCyte Biotech Issues Follow-Up Response to Iroquois Capital’s Second Letter on June 9 and Reiterates Commitment to Increasing Shareholder Value
LAS VEGAS--(BUSINESS WIRE)-- PharmaCyte Biotech, Inc. (NASDAQ: PMCB) (PharmaCyte), a biotechnology company focused on developing cellular therapies for
About this update from Pharmacyte Biotech, Inc.
[{"type":"text","content":" LAS VEGAS--(BUSINESS WIRE)--\nPharmaCyte Biotech, Inc. (NASDAQ: PMCB) (PharmaCyte), a biotechnology company focused on developing cellular therapies for cancer, diabetes and malignant ascites using its signature live-cell encapsulation technology, Cell-in-a-Box®, today issued the following statement in response to the second letter issued by Iroquois Capital (Iroquois) on June 9, 2022:\n\nWe Take Issue with Iroquois’ Unfounded Statements\n\nOn June 7, 2022, we issued a detailed letter to our shareholders outlining our growth strategy and additional steps being taken to enhance long-term shareholder value, and we have received positive responses from many shareholders. We have always encouraged feedback from shareholders, which is how our relationship with Iroquois began. However, we find Iroquois’ decision to continue to publicly issue unfounded statements that misrepresent our actions troubling and potentially detrimental to long-term shareholder value.\n\nBoard and Management Refuse to be Distracted\n\nWe remain focused on what matters most – the development of our cellulose-based live-cell encapsulation technology, which we believe holds tremendous promise for treating various diseases that have often been addressed unsuccessfully, including cancer, diabetes and malignant ascites. As we have stated, we are making substantial progress toward a Phase 2b clinical trial for a promising therapy for pancreatic cancer. We have accelerated preparations for the clinical trial for this therapy so that we will be ready to enroll our first patient and begin the clinical trial almost immediately upon the FDA lifting the clinical hold. We believe this accelerated approach will save approximately six months or more of time from what was originally estimated. We are confident that our previously stated strategy will deliver exponentially higher shareholder value over time and that Iroquois’ persistence in raising issues that are already being addressed is an unnecessary distraction that does not benefit shareholders.\n\nOur Diverse Board Brings Extraordinary Experience in Our Target Markets and We Are Actively Looking to Add Additional Capital Markets Experience\n\nWe strongly disagree with Iroquois’ mischaracterization of our Board as “dysfunctional.” To the contrary, our Board brings considerable relevant experience and has played a vital...