PharmaCyte Biotech, Inc, today announced the closing of its previously announced underwritten public offering of approximately $15 million. The biotechnology company is focused on developing cellular therapies for cancer and diabetes using its signature live-cell encapsulation technology, Cell-in-a-Box.
The IPO includes 3,529,412 shares of the Company’s common stock and warrants to purchase up to an aggregate of 3,529,412 shares of common stock. The biotechnology company granted the underwriter a 30-day option to purchase up to an additional 529,411 shares of its common stock. It also includes the warrants to purchase aggregate shares of the common stock, which was partially exercised for warrants to purchase an aggregate of up to 499,116 shares of common stock.
The biotechnology company is the product candidate for cancer involving encapsulating genetically engineered human cells that convert an inactive chemotherapy drug into its active or cancer-killing. 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. When it is implanted, the chemotherapy prodrug ifosfamide that is normally activated in the liver 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.
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