PharmaCyte Biotech expands product pipeline following $90M capital raise

PharmaCyte Biotech, Inc., a biotechnology company focused on developing cellular therapies for cancer and diabetes using its signature live-cell encapsulation technology, Cell-in-a-Box®, today announced that the Company will expand its product pipeline to again include its diabetes program and its malignant ascites program. Expanding the product pipeline was made possible after PharmaCyte closed on two public offerings, totaling approximately $90 million, including exercised warrants.

The Chief Executive Officer of PharmaCyte, Kenneth L. Waggoner, said of the capital raises, “With the closing of two separate public offerings totaling approximately $90 million now complete, PharmaCyte can, for the first time in its history, operate comfortably in its development of treatments for hard-to-treat diseases without being constrained by financial resources.

“For a myriad of reasons, this is unquestionably good news for the Company, our shareholders and the patients we hope to treat. Most importantly, we now have the capital to complete the work necessary to satisfy the FDA’s requests to lift the clinical hold and receive an open Investigational New Drug application (IND) for our treatment in locally advanced, inoperable pancreatic cancer (LAPC). In addition, PharmaCyte is positioned to immediately move into a fully funded clinical trial in LAPC should the FDA lift the clinical hold. Also, because the Company is now well-capitalized, we can broaden our entire development pipeline, including our diabetes and malignant ascites programs.

“We were able to attract institutional investors to accomplish this substantial raise while maintaining our low-float, and we have no plans to raise additional capital any time soon.”

Mr. Waggoner, discussing the expansion of the Company’s product pipeline, continued, “PharmaCyte remains laser focused on getting our leading product candidate, the treatment for LAPC, into a Phase 2b clinical trial. However, after deferring our diabetes and malignant ascites programs to dedicate every dollar to our treatment for LAPC, we are now ideally situated to reengage these two programs.

“We are excited to have the opportunity to continue what is very important work in the development of a treatment for Type 1 and insulin dependent Type 2 diabetes and for a treatment to delay the production and accumulation of malignant ascites fluid that results from abdominal tumors.” Business Wire