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LAS VEGAS, Oct. 07, 2022 (GLOBE NEWSWIRE) -- PharmaCyte Biotech, Inc. (NASDAQ:PMCB) ("PharmaCyte" or the "Company"), a biotechnology company focused on evaluating its signature live-cell encapsulation technology, Cell-in-a-Box for potential development of cellular therapies for cancer, diabetes and malignant ascites, announces today that its Board of Directors has empowered its Business Review Committee to evaluate opportunities to realize optimal shareholder value. In addition, CEO Kenneth L. Waggoner has stepped down from the position as CEO effective October 6, 2022. The Board has since appointed Joshua N. Silverman, a member of the Board, as interim CEO.
Mr. Silverman commented, "On behalf of the Board and PharmaCyte shareholders, I'd like to wish Ken all the best in his future endeavors. As disclosed in our most recently filed 10-Q, our newly reconstituted Board of Directors has formed a Business Review Committee to evaluate, investigate and review PharmaCyte's strategy and operations, as well as the risks relative to our business. Our primary purpose in doing so is to create shareholder value for the Company and establish a direction forward to ensure PharmaCyte is a vibrant, productive company with a clear strategic direction. A significant part of these activities includes the continuation of its share repurchase program to repurchase up to $10 million worth of PharmaCyte outstanding stock.
"In addition, we are evaluating the concerns expressed by the U.S. Food and Drug Administration (FDA) with regard to the clinical hold placed on the IND for the Cell-in-a-Box® technology. Inclusive to our concerns over the FDA clinical hold is the exploration of the current relationship with SG Austria and determining whether the interests of SG Austria and those of PharmaCyte are appropriately aligned in order to continue to pursue the development of this technology under the auspices of the Company. As previously disclosed, the Board has curtailed spending on the Company's programs, including pre-clinical and clinical activities, until the review by the Business Review Committee and the Board is complete and the Board has determined the actions and plans to be implemented.
"In the meantime, the Company will explore additional opportunities to create new paths toward shareholder value and will provide relevant updates to shareholders as they become available," concluded Mr. Silverman.
Joshua N. Silverman is currently a director of PharmaCyte and the Co-Founder and Managing Member of Parkfield Funding LLC and is a former Principal and Managing Partner of Iroquois Capital Management, LLC. Mr. Silverman served as Co-Chief Investment Officer of Iroquois from 2003 until July 2016. From 2000 to 2003, Mr. Silverman served as Co-Chief Investment Officer of Vertical Ventures, LLC, a merchant bank. Prior to forming Iroquois, Mr. Silverman was a Director of Joele Frank, a boutique consulting firm specializing in mergers and acquisitions. Previously, Mr. Silverman served as Assistant Press Secretary to The President of The United States. Mr. Silverman received his B.A. from Lehigh University.
Posted In: PMCB
