Business
PharmaCyte Biotech Makes $7 Million Strategic Investment in MyMD, A Biopharmaceutical Company Focused on Inflammatory Disease
Second external investment in life sciences solidifies previously announced strategy to utilize significant cash position to create additional stockholder
About this update from Pharmacyte Biotech, Inc.
[{"type":"text","content":"\nSecond external investment in life sciences solidifies previously announced strategy to utilize significant cash position to create additional stockholder value\n\n\n LAS VEGAS--(BUSINESS WIRE)--\nPharmaCyte Biotech, Inc. (Nasdaq: PMCB) (“PharmaCyte” or the “Company”), today announced a $7 million investment in MyMD Pharmaceuticals, Inc. (Nasdaq:MYMD) (“MyMD”) a clinical stage biopharmaceutical company committed to developing novel therapies for age-related diseases, autoimmune and inflammatory conditions. MyMD has announced positive data for a 40-patient Phase 2 clinical trial for its lead product, MYMD-1 in sarcopenia, and is moving its clinical program forward in consultation with the U.S. Food and Drug Administration (FDA). PharmaCyte’s investment in externally developed technology solidifies its strategy to prudently apply its approximately $65 million (as of March 31, 2024) cash position.\n\n\nChris Chapman, M.D., president and chief medical officer of MyMD, stated, “This investment comes at an important inflection point for MyMD, as we are actively preparing to continue our clinical studies in our lead product candidate, MYMD-1, following our positive data from our Phase 2 trial in sarcopenia. We are looking forward to potential collaboration with PharmaCyte, as its management and board have extensive experience in the public biotechnology markets. We believe that this strategic investment will also provide helpful insight as we continue to develop our technology.”\n\n\n“Our investment in MyMD solidifies our commitment to our previously announced corporate strategy to identify significant outside opportunities where we can create value both through cash investment and our own expertise. MyMD’s approach to inflammation is unlike what is currently available and addresses significant unmet medical needs in this category. We believe we can contribute to its continued development, and we look forward to further collaboration and sharing in MyMD’s success. We anticipate continuing to seek out additional opportunities which we hope will ultimately result in marked value for PharmaCyte and its stockholders,” said Dr. Michael Abecassis, a member of the Company’s Board of Directors.\n\n\nAbout MyMD\n\n\nMyMD Pharmaceuticals, Inc. (Nasdaq: MYMD), a clinical stage pharmaceutical company committed to extending healthy lifespan, is f...