Troutman Pepper Hamilton Sanders LLP issued the following announcement on Aug. 20.
Troutman Pepper client PharmaCyte Biotech, Inc. (NASDAQ: PMCB) (PharmaCyte), a biotechnology company focused on developing cellular therapies for cancer and diabetes using its signature live-cell encapsulation technology, recently announced a $70 million registered direct offering to institutional investors of 14 million shares of the company’s common stock and a concurrent private placement of warrants. Read a company press release about the offering.
The registered direct offering follows the August 10, 2021 previously announced underwritten public offering by PharmaCyte of $15 million and uplisting to Nasdaq.
PharmaCyte’s proprietary cellulose-based live cell encapsulation technology, “Cell-in-a-Box®,” is being used as a platform upon which therapies for several types of cancer and diabetes are being developed. The company’s product candidate for cancer involves encapsulating genetically engineered human cells that convert an inactive chemotherapy drug into its active or “cancer-killing” form. The product candidate for Type 1 diabetes and insulin-dependent Type 2 diabetes involves encapsulating a human liver cell line that has been genetically engineered to produce and release insulin in response to the levels of blood sugar in the human body.
A team of Troutman Pepper attorneys, led by Merrill Kraines and Todd Kornfeld, assisted PharmaCyte Biotech throughout the offering. Other Troutman Pepper attorneys included Partner Nicole Stakleff and Associates Roe Granger and Dean Longfield.
Original source can be found here.