PharmaCyte Biotech Board of Directors Announces Business Review Committee to Evaluate Opportunities to Optimize Shareholder Value
07 Octubre 2022 - 8:00AM
PharmaCyte Biotech, Inc. (Nasdaq:PMCB) (“PharmaCyte” or the
“Company”), a biotechnology company focused on evaluating its
signature live-cell encapsulation technology, Cell-in-a-Box for
potential development of cellular therapies for cancer, diabetes
and malignant ascites, announces today that its Board of Directors
has empowered its Business Review Committee to evaluate
opportunities to realize optimal shareholder value. In addition,
CEO Kenneth L. Waggoner has stepped down from the position as CEO
effective October 6, 2022. The Board has since appointed Joshua N.
Silverman, a member of the Board, as interim CEO.
Mr. Silverman commented, “On behalf of the Board and PharmaCyte
shareholders, I’d like to wish Ken all the best in his future
endeavors. As disclosed in our most recently filed 10-Q, our newly
reconstituted Board of Directors has formed a Business Review
Committee to evaluate, investigate and review PharmaCyte’s strategy
and operations, as well as the risks relative to our business. Our
primary purpose in doing so is to create shareholder value for the
Company and establish a direction forward to ensure PharmaCyte is a
vibrant, productive company with a clear strategic direction. A
significant part of these activities includes the continuation of
its share repurchase program to repurchase up to $10 million worth
of PharmaCyte outstanding stock.
“In addition, we are evaluating the concerns expressed by the
U.S. Food and Drug Administration (FDA) with regard to the clinical
hold placed on the IND for the Cell-in-a-Box® technology. Inclusive
to our concerns over the FDA clinical hold is the exploration of
the current relationship with SG Austria and determining whether
the interests of SG Austria and those of PharmaCyte are
appropriately aligned in order to continue to pursue the
development of this technology under the auspices of the Company.
As previously disclosed, the Board has curtailed spending on the
Company’s programs, including pre-clinical and clinical activities,
until the review by the Business Review Committee and the Board is
complete and the Board has determined the actions and plans to be
implemented.
“In the meantime, the Company will explore additional
opportunities to create new paths toward shareholder value and will
provide relevant updates to shareholders as they become available,”
concluded Mr. Silverman.
Joshua N. Silverman is currently a director of PharmaCyte and
the Co-Founder and Managing Member of Parkfield Funding LLC and is
a former Principal and Managing Partner of Iroquois Capital
Management, LLC. Mr. Silverman served as Co-Chief Investment
Officer of Iroquois from 2003 until July 2016. From 2000 to 2003,
Mr. Silverman served as Co-Chief Investment Officer of Vertical
Ventures, LLC, a merchant bank. Prior to forming Iroquois, Mr.
Silverman was a Director of Joele Frank, a boutique consulting firm
specializing in mergers and acquisitions. Previously, Mr. Silverman
served as Assistant Press Secretary to The President of The United
States. Mr. Silverman received his B.A. from Lehigh University.
About PharmaCyte Biotech
PharmaCyte is a biotechnology company focused on
evaluating its signature live-cell encapsulation technology,
Cell-in-a-Box, for potential development of cellular therapies for
cancer, diabetes and malignant ascites.
PharmaCyte’s candidate therapy for cancer involves encapsulating
genetically engineered human cells that convert an inactive
chemotherapy drug into its active or “cancer-killing” form. For
pancreatic cancer, these encapsulated cells are to be implanted in
the blood supply to the patient’s tumor as close as possible to the
site of the tumor. Once implanted, a chemotherapy drug that is
normally activated in the liver (ifosfamide) will be given
intravenously at one-third the normal dose. The ifosfamide is to be
carried by the circulatory system to where the encapsulated cells
have been implanted. When the ifosfamide flows through pores in the
capsules, the live cells inside are expected to act as a
“bio-artificial liver” and activate the chemotherapy drug at the
site of the cancer.
PharmaCyte’s candidate therapy for Type 1 diabetes and
insulin-dependent Type 2 diabetes involves encapsulating a human
cell line that has been genetically engineered to produce and
release insulin in response to the levels of blood sugar in the
human body. The encapsulation of the cell line will be done using
the Cell-in-a-Box® technology. Once the encapsulated cells are
implanted in a diabetic patient, we anticipate that they will
function as a “bio-artificial pancreas” for purposes of insulin
production.
PharmaCyte’s therapy for malignant ascites involves using the
same encapsulated cells PharmaCyte employs for pancreatic cancer
but placing the encapsulated cells in the peritoneal cavity of a
patient and administering ifosfamide intravenously.
Until the review by the Business Review Committee and the Board
is complete and the Board has determined the actions and plans to
be implemented, the Board has curtailed spending on the foregoing
programs.
Safe HarborThis press release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 that express the current
beliefs and expectations of PharmaCyte’s management and Board of
Directors. Any statements contained in this press release which do
not describe historical facts are forward-looking statements
subject to risks and uncertainties that could cause actual results,
performance, and achievements to differ materially from those
discussed in such forward-looking statements. Factors that could
affect our actual results include our ability to satisfactorily
address the issues raised by the FDA in order to have the clinical
hold on our IND removed, whether our exploration of additional
opportunities to create new paths toward shareholder value is
successful, as well as such other factors that are included in the
periodic reports on Form 10-K and Form 10-Q that we file with the
U.S. Securities and Exchange Commission. These forward-looking
statements are made only as of the date hereof, and we undertake no
obligation to update or revise the forward-looking statements,
except as otherwise required by law, whether as a result of new
information, future events or otherwise. More information about
PharmaCyte Biotech can be found at https://pharmacyte.com.
Information may also be obtained by contacting PharmaCyte’s
Investor Relations Department.
Investor Contact:CORE IRir@pharmacyte.com
Media Contact:Jules AbrahamCORE IR Telephone:
917.885.7378Email: julesa@coreir.com
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