Welcome to our dedicated page for Pharmacyte Biotech news (Ticker: PMCB), a resource for investors and traders seeking the latest updates and insights on Pharmacyte Biotech stock.
PharmaCyte Biotech, Inc. reports developments as a biotechnology issuer evaluating its Cell-in-a-Box® live-cell encapsulation technology while deploying capital into external public-company investments. News commonly covers strategic investments and monetizations, financing activity, cash and marketable-securities positioning, and corporate updates on potential development paths for cellular therapies in cancer, diabetes and malignant ascites.
PharmaCyte Biotech (NASDAQ:PMCB) has announced a second share repurchase program, authorizing up to $10 million to buy back its outstanding common stock over the next two years. The program will be funded through available cash, following a similar program initiated in June 2022. CEO Josh Silverman emphasized the company’s commitment to enhancing shareholder value while prudently managing expenses. The buyback may occur through various means, depending on market conditions and regulatory limitations, with no obligation to acquire a specific number of shares. This move reflects the company's strong financial position and potential strategic planning.
PharmaCyte Biotech announced the resignation of CEO Kenneth L. Waggoner on October 6, 2022, with Joshua N. Silverman appointed as interim CEO. The Board has established a Business Review Committee to assess strategies for enhancing shareholder value amid a clinical hold by the FDA on its Cell-in-a-Box® technology. The company plans to continue its share repurchase program, allowing up to $10 million in stock buybacks, while curtailing expenses until a strategic direction is determined.
PharmaCyte Biotech, Inc. (NASDAQ: PMCB) has appointed five new independent directors as part of its reconstituted Board. This follows a Cooperation Agreement with Iroquois Master Fund Ltd., which owns approximately 6.7% of PharmaCyte’s shares. New directors include Jonathan L. Schechter and Joshua N. Silverman from Iroquois, alongside Jack E. Stover, Daniel S. Farb, and Daniel C. Allen. Approximately 90% of FDA requests to lift a clinical hold have been met, with one significant study remaining. The company aims to enhance shareholder value and advance treatments for cancer, diabetes, and malignant ascites.
PharmaCyte Biotech, Inc. (NASDAQ: PMCB) opposes Iroquois Capital’s consent solicitation to expand its Board from 7 to 15 members, claiming this would entrench Iroquois's influence without a control premium. The company accuses Iroquois of proposing a board that lacks relevant expertise and could diminish shareholder value, especially given Iroquois's history of value destruction in previous investments. PharmaCyte emphasizes its focus on advancing its clinical programs and urges shareholders to reject Iroquois's proposals, highlighting that 90% of FDA requirements needed to lift the clinical hold are already met.
Iroquois Capital Management, a significant shareholder of PharmaCyte Biotech (PMCB), has filed preliminary consent materials with the SEC to reconstitute the Board of Directors. Iroquois criticizes the current Board, led by CEO Kenneth Waggoner, for its dysfunction and failure to negotiate a resolution in the ongoing proxy fight. The firm, holding approximately 7.2% of shares, aims to replace the existing Board with its nominees to enhance accountability and restore shareholder value. Concerns over possible delays in the 2022 Annual Meeting and stock buyback programs are also raised.
PharmaCyte Biotech (NASDAQ: PMCB) has started the pilot phase of its pig study, a critical requirement to lift the FDA’s clinical hold on its Phase 2b trial for locally advanced, inoperable pancreatic cancer (LAPC). This pilot study aims to assess the safety and distribution of CypCaps, a key component in their therapy. Conducted by CBSET, Inc., the study will utilize two Yorkshire pigs to evaluate treatment delivery and effects. Successful completion of this study may advance PharmaCyte's clinical plans and regulatory discussions with the FDA.
PharmaCyte Biotech (NASDAQ: PMCB) announced interim results from a study on malignant ascites mouse models, crucial for testing their CypsCaps™ therapy combined with ifosfamide for pancreatic cancer. Conducted by Heidelberg Pharma, the study aims to optimize tumor cell inoculation and assess tumor burden accurately. Initial findings suggest using overall tumor volume provides a superior measure of tumor burden compared to fluorescence. PharmaCyte aims to offer a treatment that addresses malignant ascites, a condition commonly linked to poor cancer prognosis, with no current market options available.
PharmaCyte Biotech (NASDAQ: PMCB) announced its preliminary unaudited financial results for the fiscal year ending April 30, 2022. The company reported a cash position of $85.4 million and operating expenses of approximately $4.4 million, up from $3.6 million the previous year. The expected net loss for FY 2022 is $4.2 million, roughly $0.27 per share, compared to a net loss of $3.6 million or $2.45 per share last year. CEO Kenneth L. Waggoner highlighted significant progress on FDA requirements for a clinical trial in pancreatic cancer.
Iroquois Capital Management, one of PharmaCyte Biotech's largest stockholders with 7.1% ownership, seeks to expand the Board of Directors by eight members through a written consent delivered on July 8, 2022. Iroquois criticizes the current Board for delaying stockholder meetings and lacking necessary capital markets experience, especially given the Company’s significant cash reserves. They highlight concerns about potential management entrenchment and failures to lift a clinical trial hold. Iroquois aims to reconstitute the Board to restore shareholder value.
Iroquois Capital Management, a major shareholder of PharmaCyte Biotech (PMCB), owning 6.3% of common stock, has criticized recent board actions aimed at entrenchment ahead of the 2022 Annual Meeting. They argue the board, led by Kenneth L. Waggoner, lacks experience and accountability, contributing to the company’s stock price decline and missed milestones in clinical trials. Iroquois contends that the board's obstruction tactics hinder their efforts to communicate with other shareholders regarding a slate of director candidates, calling for a change in leadership to improve corporate governance.