On March 16, 2022 PharmaCyte Biotech, Inc. (NASDAQ: PMCB), a biotechnology company focused on developing cellular therapies for cancer and diabetes using its signature live-cell encapsulation technology, Cell-in-a-Box, reported the financial and operational results for its third quarter ended January 31, 2022, and provided an overview of recent operational highlights (PharmaCyte’s Fiscal Year begins May 1 and ends April 30) (Press release, PharmaCyte Biotech, MAR 16, 2022, View Source [SID1234610178]).
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Cash Position: PharmaCyte had approximately $87 million in cash on hand as of January 31, 2022.
Recent Q3 Highlights—Corporate:
PharmaCyte established FDIC insured accounts of approximately $50.3 million.
Recent Highlights—Pipeline Products:
In November 2021, PharmaCyte announced that the empty capsule material that makes up its CypCaps pancreatic cancer product does not cause skin irritation.
In November 2021, PharmaCyte launched its malignant ascites program with the commencement of a pivotal study to determine if its treatment for locally advanced, inoperable pancreatic cancer (LAPC)—Cell-in-a-Box (CypCaps) combined with the cancer killing prodrug ifosfamide—can also delay the production and accumulation of malignant ascites.
In December 2021, the Company successfully completed the Cytochrome P450 site of integration DNA sequencing assay and announced the results of an additional, more detailed, analysis of the integration site of the cytochrome P450 2B1 gene from the augmented HEK293 cell clone that PharmaCyte uses in its CypCaps product.
In December 2021, PharmaCyte successfully completed the 36-month time point in its ongoing Master Cell Bank stability study.
In January 2022, PharmaCyte announced that the empty capsule material that makes up PharmaCyte’s CypCaps pancreatic cancer product candidate is not toxic for the encapsulated cells inside the CypCaps.
In February 2022, PharmaCyte provided a comprehensive update of the status of its Investigational New Drug Application (IND) to the U.S. Food and Drug Administration (FDA). Among other things, PharmaCyte reported on: (i) the ongoing stability studies of its clinical trial product CypCaps; (ii) the additional studies it has commenced in response to the FDA’s requests related to the clinical hold; (iii) the exact sequence of the Cytochrome P450 2B1 gene in its clinical trial product; (iv) the biocompatibility studies it has completed and that are underway; (v) micro-compression and swelling assays being conducted on its clinical trial product; (vi) break force and glide testing on its clinical trial product; (vii) studies to show that its clinical trial product is not adversely affected by the catheters interventional radiologists use to deliver the CypCaps to a patient; and (vii) tests to show that its clinical trial product is not affected by the contrast medium used by interventional radiologists to help guide the implantation of the CypCaps into a patient.
Recent Highlights—Financial:
As of January 31, 2022, PharmaCyte’s cash balance and total assets were approximately $87 million.
On January 31, 2022, PharmaCyte’s total stockholder equity was approximately $91 million.
PharmaCyte’s "Other Expenses" decreased by approximately $45,000 and $68,000 for the three and nine months ended January 31, 2022.
Operating expenses increased for the three months ended January 31, 2022, by approximately $99,000 and $297,000 for the nine months ended January 31, 2022, as compared to the prior fiscal year, due to costs associated with: (i) research and development (R&D); (ii) an uplist to Nasdaq Capital Markets; (iii) the closing of two public offerings for approximately $90 million; and (iv) and conducting studies related to lifting the FDA’s clinical hold on PharmaCyte’s proposed treatment for LAPC.
PharmaCyte’s R&D expenses increased from the start of its fiscal year to about $526,000 to date. The two capital raises PharmaCyte conducted in August 2021 allowed for these necessary expenses to be possible.
To learn more about PharmaCyte’s pancreatic cancer treatment and how it works inside the body to treat locally advanced, inoperable pancreatic cancer, we encourage you to watch the company’s documentary video complete with medical animations at: View Source