Pharmacyte Biotech Inc (OTCMKTS:PMCB) shares rose 3.61% on Monday to $0.0402 and dropped 2.49% in after-hours trading. Share prices have been trading in a 52-week range of $0.03 to $0.12. The company has a market cap of $34.13 million at 848.90 million shares outstanding.
Pharmacyte Biotech Inc is a clinical-stage biotechnology company focused on developing and preparing to commercialize treatments for cancer and diabetes based upon a cellulose-based live cell encapsulation technology known as Cell-in-a-Box. This technology will be used as a platform upon which treatments for various types of cancer, including advanced, inoperable pancreatic cancer, and diabetes will be developed.
Apart from that, Pharmacyte Biotech Inc is also developing therapies for pancreatic and other solid cancerous tumors involving the encapsulation of live cells placed in the body to enable the delivery of cancer-killing drugs at the source of the cancer. In its press release yesterday, the company announced that it has selected Dr. Manuel Hidalgo as its principal investigator for its clinical trial in patients with locally advanced, inoperable pancreatic cancer.
Dr. Hidalgo is an internationally respected oncologist and a recognized authority in the treatment of pancreatic cancer who currently serves as Clinical Director of the Leon V. & Marilyn L. Rosenberg Clinical Cancer Center and Chief of the Division of Hematology-Oncology at the prestigious Beth Israel Deaconess Medical Center in Boston. He is also a member of PharmaCyte Biotech Inc Medical and Scientific Advisory Board.
I am pleased to have been selected to be the PI of this important clinical trial, having been a part of its overall design. I have been involved in numerous successful clinical trials and will be drawing on that experience in this one. I believe that the Cell-in-Box® plus low dose ifosfamide combination chemotherapy may well prove to be of great value for the development of new therapies for pancreas and other solid tumor cancers,” Dr. Hidalgo remarked.
Pharmacyte Biotech Inc CEO Kenneth Waggoner noted that the company is closing in on its engagement date with the FDA. As Principal Investigator, Dr. Hidalgo will be responsible for ensuring that all of the clinical trial study sites conduct their studies in accordance with the clinical trial protocol. He will also play a role in developing the final clinical trial report that will be presented to the FDA.
Analysts have noted that Dr. Hidalgo is also associated with BioLineRx Ltd, which is positive news for the stock. His acceptance of the role supports the legitimacy of the product, which could be poised for FDA approval in the near future. More positive updates or signs of progress from the clinical trials could keep the stock supported and keep bullish momentum in play.
On the stock’s daily time frame, it can be seen that the downtrend is still intact. Price is consolidating between $0.03 to $0.04 at the moment, with a break past the resistance level likely to spark a move closer to the next area of interest at $0.05. Volume has also picked up, reflecting stronger investor interest as the company makes more progress in its clinical trials.
Earlier in the month, PharmaCyte Biotech Inc reported progress in its Cannabinoid research at the University of Northern Colorado. The company is looking into making significant progress in the development of targeted cannabinoid-based chemotherapy, which shares a similar approach to its pancreatic cancer therapy.
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