Full Press Release Details
PharmaCyte Biotech Announces Preliminary
Unaudited Financial Results
for Fiscal Year 2022
LAS VEGAS, NV, July 11, 2022 (BUSINESS WIRE) -- PharmaCyte Biotech,
Inc. (NASDAQ: PMCB), a biotechnology company focused on developing cellular therapies for cancer, diabetes and malignant ascites using
its signature live-cell encapsulation technology, Cell-in-a-Box , today announced its preliminary unaudited financial results for
fiscal year ended April 30, 2022.
PharmaCyte had $85.4 million in cash and cash equivalents as of April
Preliminary (Unaudited) 2022 Fiscal Year End Financial Results
PharmaCyte expects to report operating expenses of approximately $4.4
million, compared to $3.6 million in the prior fiscal year. This increase is primarily due to expenses associated with PharmaCyte listing
on Nasdaq and two capital raises totaling approximately $90 million.
Net loss for fiscal year 2022 is expected to be approximately $4.2
million or approximately $0.27 per share, compared with a net loss of $3.6 million, or $2.45 per share, for the prior fiscal year.
Management Commentary
PharmaCyte's Chief Executive Officer, Kenneth L. Waggoner, commented,
"During fiscal year 2022, our team focused on fulfilling the long list of requests from the FDA in order to have the clinical hold
lifted on our planned phase 2b clinical trial in locally advanced, inoperable pancreatic cancer (LAPC). To date, we have completed almost
two dozen studies with only a few remaining. Shortly, we expect to begin our two-phase pig study. This is the last major study required
"Our team has made considerable progress during the year, while
controlling costs despite the worldwide supply chain challenges. Our progress through a challenging year demonstrates the value of our
experienced and proven team of scientific and medical professionals who have played key roles in helping to get some of the world's
most successful drugs through the clinic.
"We believe the market opportunity to develop cellular therapies
for cancer, diabetes and malignant ascites using our signature live-cell encapsulation technology, Cell-in-a-Box , is significant.
With our enhanced cash position and recent uplisting to Nasdaq, we are positioned to methodically scale the business and further enhance
our already strong scientific team as well as adding complementary capital markets experience to our Board of Directors. We are in the
process of thoroughly vetting candidates to ensure that the best people are in place to help us seize the opportunities presented by the
strength of our technology, therapies, and cash position. We are motivated not just by the market opportunity for our Company, but by
the groundbreaking implications for patients. We are frustrated by the value of our stock, which like many biotech companies today, is
trading below cash value. That said, we remain intent on continuing to drive our clinical progress toward a solution that we believe can
revolutionize our treatment for cancer, diabetes, and malignant ascites and, in turn, create long-term shareholder value."
| On July 5, 2022, the Company announced it has fulfilled another item from the list of required FDA tasks for its pancreatic cancer product candidate. This was done through the completion of a study that confirmed the qRT-PCR can be successfully implemented for testing. It also confirmed the identity and stability of the cytochrome P450 expression construct in the cells used for the production of CypCaps both before and after encapsulation in the cGMP batches. | ||
| On June 2, 2022, PharmaCyte's Board of Directors authorized a share repurchase program to repurchase up to $10 million of PharmaCyte's outstanding shares of common stock. The share repurchase will begin shortly after issuance of our preliminary year-end financial results in this press release. | ||
| On May 23, 2022, PharmaCyte announced that it has initiated the first in a new series of studies to test the ability of its pancreatic cancer therapy to treat malignant ascites. This is the eighth and final preclinical study that may lead to a Phase 1 clinical trial. Such a clinical trial may allow us to validate the technology much faster than PharmaCyte's planned Phase 2b clinical trial in LAPC. |
| On April 19, 2022, PharmaCyte reported positive results to satisfy FDA requirements related to the empty capsule material that comprises its pancreatic cancer clinical trial product candidate. | ||
| On April 13, 2022, the Company announced that it would accelerate preparations for the start of its Phase 2b clinical trial in LAPC by working parallel paths to have the clinical hold lifted and enroll the first patient in the clinical trial for LAPC. | ||
| On April 5, 2022, PharmaCyte announced the appointment of Dr. Matthias L hr to its Board of Directors. Dr. Loehr is Professor of Gastroenterology and Hepatology at the famed Karolinska Institute in Stockholm, Sweden, and leads the Pancreatic Team at Karolinska University Hospital. He has held dozens of leadership roles in learned societies, cancer research centers, universities and governmental agencies. | ||
| On March 22, 2022, PharmaCyte announced it had successfully completed a 24-month product stability study required by the FDA for its pancreatic cancer clinical trial product candidate. This demonstrates that CypCaps has now proven it has a shelf life of at least 24 months when stored at -80 degrees Celsius. |
Cautionary Statement
The financial data contained in this press release are preliminary
and unaudited, based upon PharmaCyte's good faith estimates and subject to completion of PharmaCyte's financial closing procedures.
While PharmaCyte expects that its final financial results for its fiscal year and quarter ended April 30, 2022, following the completion
of its financial closing procedures, will generally be consistent with the amounts provided in this press release. PharmaCyte's actual
results may differ materially from these estimates as a result of the completion of its financial closing procedures, as well as final
adjustments and other developments that may arise between now and the time that its financial results for the fiscal year and quarter
ended April 30, 2022, are finalized.
The results provided in this press release are preliminary and subject
to completion and audit of PharmaCyte's financial statements.
About PharmaCyte Biotech
PharmaCyte Biotech, Inc. is a biotechnology company developing
cellular therapies for cancer, diabetes and malignant ascites based upon a proprietary cellulose-based live-cell encapsulation
technology known as "Cell-in-a-Box ." This technology is being used as a platform upon which therapies
for several types of cancer, diabetes and malignant ascites are being developed.
PharmaCyte's 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 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) is given intravenously at one-third the
normal dose. The ifosfamide is 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 act as a "bio-artificial liver" and activate the chemotherapy drug
at the site of the cancer. This "targeted chemotherapy" has proven effective and safe to use in past clinical trials and we
believe results in little to no treatment related side effects.
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.
This 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, including material differences between the Company's actual financial results
and the preliminary financial results presented herein. 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, 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://www.PharmaCyte.com.
Information may also be obtained by contacting PharmaCyte's Investor
Relations Department.
PharmaCyte Biotech, Inc.
Telephone: 917.595.2856
Attn: Dr. Gerald W. Crabtree