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PharmaCyte Biotech Inc Affirms $70 Million Offering Closure

PharmaCyte Biotech, Inc. announced the closing of its registered direct offering priced at the market under Nasdaq rules. Nearly 14,000,000 shares of the Company’s common stock at an effective purchase price of $5.00 per share for gross proceeds of approximately $70 million.

This was before reducing the placement agent’s fees and other offering expenses payable by the Company. In a private placement, PharmaCyte Biotech Incalso issued to the investors in the offering unregistered warrants to be traded up to an lumpsum of 7,000,000 shares of common stock. By following the closing of the registered direct offering and the concurrent private placement, the number of shares of common stock of the Company will be 18,979,465 and the Company will have approximately $90 million in cash in its bank account.

The warrants are worth $5.00 per share, are exercisable immediately upon issuance and will expire five years from the issuance date. The biotechnology firm plans to use the offering to complete activities requested by the U.S. Food and Drug Administration to deal with the FDA’s clinical hold on its Investigational New Drug application concerning the Company’s plan.

The company also planned to completely fund and conduct the Phase 2b clinical trial in LAPC, after IND gets a green signal. They also have an idea to continue clinical development of the Company’s cancer program and continue development of the Company’s diabetes program. With the net, they plan to continue the development of the Company’s malignant ascites program.

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