PharmaCyte Biotech Provides Corporate Update on Cell-in-a-Box Technology

PharmaCyte Biotech, Inc. (Nasdaq: PMCB) (“PharmaCyte” or the “Company”) provides an update on its investigation of its Cell-in-a-Box technology and initial next steps in development. Following a comprehensive scientific review of amassed data, the Company is in the process of requesting a meeting with the U.S. Food and Drug Administration (FDA) for guidance on further development of the technology. The meeting is expected to occur during the first quarter of 2024. In the meantime, the Company is reviewing multiple potential opportunities that it believes would be prudent uses for its approximately $74.6 million cash position as of July 31, 2023, which was previously reported in the Company’s Quarterly Report on Form 10-Q filed on September 18, 2023.

PharmaCyte’s Board member, Professor of Surgery and Microbiology and Dean, College of Medicine – Tucson at the University of Arizona, Dr. Michael M.I. Abecassis stated, “Despite recent advances with modest improvements in survival, locally advanced non-metastatic disease remains a perplexing challenge and barrier to potentially curative surgical treatment and represents a significant unmet therapeutic need for a majority of patients diagnosed with pancreatic cancer. Cell-in-a-Box, along with several other potential delivery systems, provides a unique putative opportunity to treat patients systemically with non-toxic chemotherapeutic prodrugs, that can then be activated or ‘turned-on’ in direct proximity to the cancer tissue, resulting in the targeted delivery of highly concentrated cancer-killing drugs, while significantly minimizing the systemic toxicity and side-effects that limit their systemic application, and hence their efficacy and effectiveness. We believe that discussions with the Food and Drug Administration regarding Cell-in-a-Box should provide a path forward as we continue to examine other promising local delivery technologies that may provide similar benefits for patients with this challenging and lethal clinical problem.”

Pharmacyte Interim Chief Executive Officer Josh Silverman continued, “We have dedicated significant resources to comprehensively evaluate the status of the Cell-in-a-Box technology, and we look forward to future discussions with FDA, which may also compel us to seek partnership discussions. In the meantime, it is our intention to utilize our favorable $70 million cash position to create additional value to our stockholders by reviewing additional potential partnership and/or investment opportunities that we believe will be accretive. We anticipate providing additional updates regarding these opportunities in the near term.”