LAGUNA HILLS, Calif.–(BUSINESS WIRE)–PharmaCyte Biotech, Inc. (OTCQB: PMCB) (PharmaCyte or Firm), a biotechnology firm centered on creating mobile therapies for most cancers and diabetes utilizing its signature live-cell encapsulation know-how, Cell-in-a-Field®, at this time introduced that it’s going to impact a 1-for-1,500 reverse inventory break up of its shares of frequent inventory, leaving the Firm with solely about 1.6 million issued and excellent shares. The Firm’s frequent inventory will start buying and selling on a reverse split-adjusted foundation on the OTCQB on the opening of the market on Monday, July 12, 2021.
The reverse inventory break up will scale back the variety of shares of the Firm’s excellent frequent inventory from roughly 2.4 billion shares to roughly 1.6 million shares. Proportional changes can be made to the Firm’s excellent inventory choices and excellent warrants.
“With roughly 1.6 million shares excellent, we consider this variation will make it simpler for traders to commerce in our inventory and is a mandatory step earlier than the Firm’s frequent inventory could be listed on a nationwide inventory change like Nasdaq, which is our expectation,” acknowledged Kenneth L. Waggoner, the Firm’s Chief Government Officer.
“We consider the reverse inventory break up will help the Firm in pursuing further financing actions and/or different strategic transactions to help the event of our product candidates,” Waggoner continued.
Following the reverse inventory break up, the Firm’s frequent inventory will proceed to commerce on the OTCQB below a brand new and momentary ticker image “PMCBD” for a interval of 20 enterprise days together with the efficient date of the reverse inventory break up in accordance with the necessities of the Monetary Trade Regulatory Authority. On the conclusion of the 20-business day interval, the Firm will resume buying and selling below its earlier ticker image “PMCB”. The Firm has been assigned a brand new CUSIP No. of 71715X203 for buying and selling after the reverse inventory break up.
The reverse inventory break up will influence all holders of the Firm’s frequent inventory uniformly and won’t influence any stockholder’s proportion possession curiosity within the Firm; nonetheless, no fractional shares can be issued in reference to the reverse inventory break up. If any fractional shares outcome from the reverse inventory break up, they are going to be rounded as much as the closest complete share. Moreover, the reverse inventory break up is not going to have an effect on any stockholder’s proportionate voting energy, topic to the remedy of fractional shares.
On the efficient time of the reverse inventory break up, each 1,500 shares of the Firm’s shares of frequent inventory will convert into one newly issued share of the Firm’s frequent inventory, with none change within the par worth of $0.0001 per share.
After the efficient time of the reverse inventory break up, stockholders of shares of frequent inventory held in book-entry kind or by way of a financial institution, dealer or different nominee don’t have to take any motion in reference to the reverse inventory break up and can see the influence of the reverse inventory break up routinely mirrored of their accounts. Useful holders are inspired to contact their financial institution, dealer or nominee for extra data. Stockholders of report with shares held in certificates kind will obtain directions from the Firm’s inventory change agent, American Inventory Switch & Belief Firm, LLC, concerning learn how to change current inventory certificates for brand spanking new book-entry statements reflecting the post-reverse inventory break up shares of frequent inventory.
About PharmaCyte Biotech
PharmaCyte Biotech, Inc. is a biotechnology firm creating mobile therapies for most cancers and diabetes based mostly upon a proprietary cellulose-based reside cell encapsulation know-how often called “Cell-in-a-Field®”. This know-how is getting used as a platform upon which therapies for a number of forms of most cancers and diabetes are being developed.
PharmaCyte’s remedy for most cancers entails encapsulating genetically engineered human cells that convert an inactive chemotherapy drug into its energetic or “cancer-killing” kind. For pancreatic most cancers, these encapsulated cells are implanted within the blood provide to the affected person’s tumor as shut as doable to the positioning of the tumor. As soon as implanted, the chemotherapy prodrug ifosfamide that’s usually activated within the liver is given intravenously at one-third the conventional dose. The ifosfamide is carried by the circulatory system to the place the encapsulated cells have been implanted. When the ifosfamide flows by way of pores within the capsules, the reside cells inside act as a “bio-artificial liver” and activate the chemotherapy prodrug ifosfamide on the website of the most cancers. This “focused chemotherapy” has confirmed efficient and secure to make use of in previous medical trials and we consider leads to little to no remedy associated negative effects.
PharmaCyte’s remedy for Sort 1 diabetes and insulin-dependent Sort 2 diabetes entails encapsulating a human liver cell line that has been genetically engineered to provide and launch insulin in response to the degrees of blood sugar within the human physique. PharmaCyte can also be contemplating using genetically modified stem cells to deal with diabetes. The encapsulation of the cell strains can be finished utilizing the Cell-in-a-Field® know-how. As soon as the encapsulated cells are implanted in a diabetic affected person, we anticipate that they are going to perform as a “bio-artificial pancreas” for functions of insulin manufacturing.
This press launch might include forward-looking statements inside the that means of the Non-public Securities Litigation Reform Act of 1995 that specific the present beliefs and expectations of the administration of PharmaCyte. Any statements contained on this press launch that don’t describe historic details are forward-looking statements which are topic to dangers and uncertainties that might trigger precise outcomes, efficiency and achievements to vary materially from these mentioned in such forward-looking statements. Components that might have an effect on our precise outcomes embody our potential to up-list our frequent inventory to a nationwide securities change after which keep such itemizing, elevate the required capital to fund our operations and to seek out companions to complement our capabilities and assets, satisfactorily handle the problems raised by the by the U.S. Meals and Drug Administration to be able to have the medical maintain eliminated on our Investigational New Drug Purposes in order that we might proceed with our deliberate medical trial for domestically superior and inoperable pancreatic most cancers, in addition to such different components which are included in our periodic experiences on Type 10-Okay and Type 10-Q that we file with the U.S. Securities and Change Fee. These forward- trying statements are made solely as of the date hereof, and we undertake no obligation to replace or revise the forward-looking statements, besides as in any other case required by regulation, whether or not because of new data, future occasions or in any other case.
Extra details about PharmaCyte Biotech could be discovered at www.PharmaCyte.com. Info might also be obtained by contacting PharmaCyte’s Investor Relations Division.