Despite the turmoil in the markets over the past two months or so, some biotech stocks have continued to keep their head above water, and in recent days, some of those stocks have rallied strongly. One of the biotech stocks that made a strong rally in recent days is that of Pharmacyte Biotech Inc (OTCMKTS:PMCB), which gained as much as 40% on Wednesday and is now likely going to be the focus of many investors.
However, before anyone considering tracking a company, he needs to get a better idea about its line of business and also the latest news regarding it.
Pharmacyte is a biotech company that develops cellular therapies for diabetes and cancer. To that end, the company has built a technology platform named “Cell in a Box,” which helps in proprietary cellulose-based live-cell encapsulation technology. The platform in question can be used to develop a range of diabetes and cancer medicines, and Pharmacyte is doing exactly that at this point.
However, that is not all. The company is also in the process of developing a coronavirus diagnostic kit and aiming to get approval from the United States Food and Drug Administration for the same. Considering the significant demand for such kits, it could prove to be a key product for Pharmacyte.
Clinical Trial Product for Pancreatic Cancer
However, the rally in the stock on Wednesday came about after a major announcement from the company with regards to one of its products. Pharmacyte announced on Wednesday that it has been successful in developing the ‘change history’ data and information for its 2nd generation product CypCaps.
The first generation product was CapCell. The aforementioned change in the second generation of the product is a significant development for Pharmacyte as it prepares an Investigational New Drug (IND) application for CypCaps. It is also necessary to keep in mind that the United States FDA requires such a change to the product before it can consider an IND.
The Chief Executive Officer of the company, Kenneth L. Waggoner, thanked Austrianova, which partnered with Pharmacyte and helped in the development of the necessary data and information. He went on to add that although the 1st generation and the 2nd generation of the product same, improved materials have been used for the CypCaps product. In other words, although the two generations of the product use the same line of cells, CypCaps boasts of higher quality as well as control of the cells.
It should be noted that the FDA insists that the second generation of the product is essentially the same as the original one. This is a significant milestone for Pharmacyte, and the market recognized this as well. It could be worthwhile for investors to keep an eye on the stock over the coming days.
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