Business
PharmaCyte Biotech Releases Statement on Nasdaq Uplisting and Current Business Focus
LAGUNA HILLS, Calif.--(BUSINESS WIRE)-- PharmaCyte Biotech, Inc. (NASDAQ: PMCB) (PharmaCyte or Company), a biotechnology company focused on developing
About this update from Pharmacyte Biotech, Inc.
[{"type":"text","content":" LAGUNA HILLS, Calif.--(BUSINESS WIRE)--\nPharmaCyte Biotech, Inc. (NASDAQ: PMCB) (PharmaCyte or Company), a biotechnology company focused on developing cellular therapies for cancer and diabetes using its signature live-cell encapsulation technology, Cell-in-a-Box®, today released a statement from Kenneth L. Waggoner, the Chief Executive Officer of PharmaCyte, regarding the Company’s recent listing on Nasdaq and the Company’s current business focus.\n\nMr. Waggoner stated, “Becoming a Nasdaq-listed company is an important milestone in PharmaCyte’s lifecycle as we continue to execute on our initiatives to build long term shareholder value and to develop our treatments for pancreatic cancer, diabetes and other hard-to-treat diseases. We believe being a Nasdaq-listed company will help elevate our public profile, expand our shareholder base, improve liquidity and enhance shareholder value.\n\n“In Q4 2020, we assembled a team of regulatory and scientific experts to work through the U.S. Food and Drug Administration’s (FDA) clinical hold requests to achieve an open Investigational New Drug Application (IND). Our current focus is to comply with the FDA’s requests as soon as possible. When we make significant progress towards that goal, we will advise our shareholders and the investment community.\n\n“As we were working on the FDA’s requests, we developed a plan to improve both our capital structure and our position in the market by making PharmaCyte more attractive to the investment community and uplisting to a national exchange. Our previous share structure and price made it impossible to continue to fund our work, achieve an open IND and to fund a clinical trial in locally advanced, inoperable pancreatic cancer (LAPC) as an OTC Markets Group company.\n\n“After a necessary reverse stock split, we were able to attract numerous institutional investors who were interested in our unique technology and our extremely low float. It was this interest that allowed us to cull together a host of institutional investors to join our public offering and raise $15 million. This funding is vital for us to achieve our work toward an open IND and to begin to fund our clinical trial in LAPC. Because of the Company’s restructuring, we were able to accomplish a significant capital raise while maintaining an extremely low float.\n\n“By listing on Nasdaq, ...