PharmaCyte Biotech, Inc. (OTCMKTS:PMCB) Catches a Break
Yesterday PharmaCyte Biotech, Inc. (OTCMKTS:PMCB) managed to log a sizable reversal session, after a predominantly red streak. The ticker shifted nearly 4.3 million shares and closed over 7% up, at $0.16 per share.
The company dropped a press release yesterday and it was most likely the reason for the green move. PMCB opened with a very sizable gap up right out of the gates and the release hit the wire shortly before the opening bell. The company announced that the first round of pre-clinical animal safety testing using Melligen cells has been completed.
The PR states that testing showed that Melligen cells were as safe as cells encapsulated with PMCB‘s Cell-in-a-Box, combined with cancer drugs to treat human patients in previous human trials. This is a positive development and it’s understandable why the price went north. The direction the company is pushing in is eventual encapsulation of Melligen using Cell-in-a-Box, with the final goal of using this combo to help insulin-dependent diabetes patients live without daily insulin shots.
Given the speed at which PMCB goes through cash, the company will need sizable new financing to make it through 2015. The last quarterly listed just under $1 million in cash and $1.45 million in quarterly net loss.
On the stock promotion front, it has been a quiet week for PMCB. The last email pump for the company came on April 29 and the promoter was compensated with $7,500. There have been more than a hundred pump emails targeting PMCB in 2015 so far – something that investors may want to keep in mind. Additionally, there was also Goldman Small Cap Research and the paid coverage they provided for PMCB, last disclosing $11,000 paid by an unnamed third party.
