Business
PharmaCyte Biotech Reports Second Quarter 2021 Financial Results and Operational Highlights
LAS VEGAS--(BUSINESS WIRE)-- PharmaCyte Biotech, Inc. NASDAQ: PMCB), a biotechnology company focused on developing cellular therapies for cancer and diabetes
About this update from Pharmacyte Biotech, Inc.
[{"type":"text","content":" LAS VEGAS--(BUSINESS WIRE)--\nPharmaCyte Biotech, Inc. NASDAQ: PMCB), a biotechnology company focused on developing cellular therapies for cancer and diabetes using its signature live-cell encapsulation technology, Cell-in-a-Box®, announced today the financial results for its second quarter ended October 31, 2021, and provided an overview of recent operational highlights (PharmaCyte’s Fiscal Year begins May 1 and ends April 30).\n\nCash Position: PharmaCyte had approximately $87 million in cash on hand as of October 31, 2021.\n\nRecent Q2 Highlights—Corporate:\n\n\nCommon stock was listed on Nasdaq Capital Markets as the Company began trading as a Nasdaq-listed company\n\n\n\nClosed on a $15-million public offering\n\n\n\nClosed on a $70-million registered direct offering\n\n\n\nCompany had warrant conversions of approximately $10.7 million\n\n\n\nPharmaCyte expanded its Product Pipeline beyond its Cancer Program to include a Diabetes Program and a Malignant Ascites Program.\n\n\nRecent Highlights—Pipeline Products:\n\n\nThe Company’s capital raises allowed PharmaCyte to spend what was needed in Research and Development (R&D) expenses to perform the work required to have the FDA imposed clinical hold lifted. PharmaCyte will issue a 2021 year-end update to detail which tests/studies have been completed, which have commenced, and which remain for PharmaCyte to present to the FDA with updated data in its effort to lift the FDA’s clinical hold.\n\n\n\nIn August 2021, PharmaCyte announced its clinical trial product, CypCaps™ remains stable and active at 18 months after completing the 18-month timepoint of ongoing product stability testing required by the U.S. Food and Drug Administration (FDA).\n\n\n\nIn September 2021, the Company announced the first test results of the biocompatibility studies of its CypCaps clinical trial product candidate. These positive results were from an “In Vitro Complement Activation Study of Empty Cellulose Sulphate Capsules,” the same capsules PharmaCyte plans to use in its treatment to treat locally advanced, inoperable pancreatic cancer (LAPC). The first results showed that the capsule material does not activate a major line of the human body’s innate defense – the complement system.\n\n\n\nIn September 2021, PharmaCyte announced the results of a second FDA-required test of biocompatibility of its CypC...