PharmaCyte Biotech Inc. (NASDAQ: PMCB) has announced that it will expand its product pipeline to include diabetes and malignant ascites programs.
PharmaCyte completed two offerings enabling it to expand its product pipeline
Following the closing of two public offerings, the product pipeline expansion is estimated to be around $90 million-plus excised warrants. CEO Kenneth Waggoner commented, “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.”
Waggoner said that this is clearly wonderful news for the Company, its stockholders, and the patients it aims to help for various reasons. Most crucially, the company now has the financial resources to complete the work required to meet the FDA’s request to lift the clinical suspension and get an open Investigational New Drug application (IND) for the company’s treatment for locally advanced, inoperable pancreatic cancer (LAPC). Additionally, if the FDA lifts the clinical hold, PharmaCyte will enter a fully financed clinical trial in LAPC. Equally, the company will also broaden its whole development pipeline, including diabetes and malignant ascites products, because it is now well-capitalized.
PharmaCyte focused on getting LAPC treatment into phase 2b clinical study.
Commenting on the expansion of PharmaCyte’s product pipeline Waggoner said, “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.”
