LAGUNA HILLS, Calif.--(BUSINESS WIRE)--PharmaCyte Biotech, Inc. (OTCQB: PMCB), a biotechnology company focused on developing targeted cellular therapies for cancer and diabetes using its signature live-cell encapsulation technology, Cell-in-a-Box®, today announced the results of the Special Shareholder Meeting and provides information on the shareholder update conference call scheduled for next week.
The Special Shareholder Meeting dealt with three proposals recommended by PharmaCyte’s Board of Directors (“Board”): (i) amending PharmaCyte’s Articles of Incorporation (“Amendment”) to provide the Board the power to designate the rights and preferences of PharmaCyte’s preferred stock; (ii) electing six Directors; and (iii) ratifying the appointment of Armanino LLP as PharmaCyte’s independent registered public accounting firm for the fiscal year ending April 30, 2020.
The first proposal resulted in 339,777,787 voting for the Amendment; 73,585,237 voting against the Amendment; 14,515,626 votes abstaining; and 701,734,347 broker non-votes.
With respect to the second proposal, all six nominees to become Directors received an affirmative super majority of the votes cast at the meeting. It was declared that Kenneth L. Waggoner, Dr. Gerald W. Crabtree, Thomas Liquard, Thomas C.K. Yuen, Dr. Michael M. Abecassis and Dr. Raymond C.F. Tong have been elected Directors of the company to serve until the next annual meeting of shareholders and until their successors are duly elected and qualify to serve.
Regarding the third proposal, Armanino LLP received an affirmative super majority of the votes cast at the meeting, thus ratifying the appointment of Armanino LLP as PharmaCyte’s independent registered public accounting firm for PharmaCyte’s fiscal year ending April 30, 2020.
PharmaCyte’s Chief Executive Officer, Kenneth L. Waggoner, held a lengthy question and answer session with the shareholders who attended the meeting. Commenting on the meeting, Mr. Waggoner said, “On behalf of the entire PharmaCyte organization we would like to thank the individuals who attended the meeting and took the time out of their busy schedules to join us. We had lots of great questions and a lively discussion with virtually every one. We look forward to updating our shareholders next week and answering more questions related to everything in which the company is engaged in to advance the interests of our shareholders.”
During the Q&A session, Mr. Waggoner committed to having quarterly CEO interviews to better align communications between PharmaCyte and the company’s shareholders. During the quarterly interviews, shareholders will be given the opportunity to submit written questions to be addressed by the CEO.
PharmaCyte has scheduled the upcoming shareholder update conference call for Friday, September 20, 2019, commencing at 4:00 p.m. Eastern Daylight Time to update all shareholders simultaneously in a public forum. A separate press release will be published next week with the call information.
The shareholder update call will cover PharmaCyte’s preparations for submission of its Investigational New Drug application (IND) to the U.S. Food and Drug Administration to treat locally advanced, inoperable pancreatic cancer and developments related to PharmaCyte’s product pipeline on which PharmaCyte has been working which have not yet been reported in a press release.
Questions must be submitted in writing to firstname.lastname@example.org by the close of business on Wednesday, September 18, 2019.
About PharmaCyte Biotech:
PharmaCyte Biotech is a clinical stage biotechnology company developing cellular therapies for cancer and diabetes based upon a proprietary cellulose-based live cell encapsulation technology known as “Cell-in-a-Box®.” This technology will be used as a platform upon which therapies for several types of cancer and diabetes are being developed.
PharmaCyte’s therapy for cancer involves encapsulating genetically engineered human cells that convert an inactive chemotherapy drug into its active or “cancer-killing” form. 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. Once implanted, a chemotherapy drug that is normally activated in the liver (ifosfamide) 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. When the ifosfamide flows through pores in the capsules, the live cells inside act as a “bio-artificial liver” and activate the chemotherapy drug at the site of the cancer. This “targeted chemotherapy” has proven effective and safe to use in past clinical trials and results in little to no treatment related side effects.
PharmaCyte’s therapy for Type 1 diabetes and insulin-dependent Type 2 diabetes involves encapsulating a human cell line that has been genetically engineered to produce and release insulin in response to the levels of blood sugar in the human body. PharmaCyte is developing the use of genetically modified liver cells, stem cells and beta islet cells to treat diabetes. The encapsulation will be done using the Cell-in-a-Box® technology. Once the encapsulated cells are implanted in a diabetic patient, they will function as a “bio-artificial pancreas” for purposes of insulin production.
This press release contains forward-looking statements, which are generally statements that are not historical facts. Forward-looking statements can be identified by the words "expects," "anticipates," "believes," "intends," "estimates," "plans," "will," "outlook" and similar expressions. Forward-looking statements are based on management's current plans, estimates, assumptions and projections, and speak only as of the date they are made. We undertake no obligation to update any forward-looking statement because of new information or future events, except as otherwise required by law. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond our control. Actual results or outcomes may differ materially from those implied by the forward-looking statements due to the impact of numerous risk factors, many of which are discussed in more detail in our Annual Report on Form 10-K and our other reports filed with the Securities and Exchange Commission.
More information about PharmaCyte Biotech can be found at www.PharmaCyte.com. Information may also be obtained by contacting PharmaCyte’s Investor Relations Department.