Pharmacyte Biotech Inc (OTCMKTS:PMCB) Resumes Uptrend After Covid-19 Update
Biotech companies have been in the news ever since the coronavirus pandemic first started, and due to work done by some of the companies, many of those have also seen their stocks soar. One such company is Pharmacyte Biotech Inc (OTCMKTS:PMCB), which came into focus for having developed a COVID 19 test, and on Monday, the company was in the news yet again.
COVID-19 Test Offers “Pool Testing”
The numbers of coronavirus cases are rising across the United States yet again, and the director of the National Institute of Allergy and Infectious Diseases Dr. Anthony Fauci said yesterday that pool sampling is being considered by the White House Coronavirus Task Force.
Although Dr. Fauci has not PharmaCyte, it needs to be remembered that the company’s testing kits are capable of facilitating that. Hence, it was no surprise when the stock started rallying on Monday and ended the day with gains of as much as 22%. Pool testing involves pooling together samples of many people and then testing them at once. It is the sort of process that allows authorities to boost testing numbers significantly and also helps in determining the extent to which the problem has spread in a particular region.
The test has been licensed by PharmaCyte from Hong Kong’s Hai Kang Life Corporation, and the company is still waiting for the United States Food and Drug Administration to grant it Emergency Use Authorization. That being said, it is a major development for the company, and if it is chosen by the White House Coronavirus Task Force, then it could propel the stock to new highs.
According to reports, the COVID 19 test developed by PharmaCyte has the capability of facilitating sample pooling by testing hundreds of people at once. The ability to provide this service could make PharmaCyte the preferred testing kit provider for governments, schools, communities, and companies, among others.
The reason why the company’s testing kits have this capability is because of the fact that the test is highly sensitive and has eliminated the possibility of false-negative results. That is something very companies are going to be able to claim, and that could give the company a unique opportunity to help the authorities as the number of coronavirus cases keeps rising in the United States.
Container Closure Integrity Test
Earlier on in June, PharmaCyte also announced that it completed its Container Closure Integrity Test for its pancreatic cancer trial product. It is another important milestone for the company considering the fact that the test in question is an essential factor of the FDA stability test.
In addition to that, back on June 10, PharmaCyte had announced that it had also developed a ‘change history’ feature for the same product. Investors could keep an eye on these developments as well.
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