Todor Pichurov

Pharmacyte Biotech Inc (OTCMKTS:PMCB) Scuttles Towards 52-Week Lows

by Todor Pichurov February 24, 2016

After a couple of months of sideways trading, yesterday Pharmacyte Biotech Inc (OTCMKTS:PMCB, PMCB message board) took another big step down the charts and hit its lowest closing price for the new year. By the bell PMCB was another 7.9% down, at $0.054 per share on volume of 3.9 million shares traded.

The company has not put up any new filings since we last covered the stock on Jan 21 and this article came just as PMCB filed its restated reports. More details on the restatement and the impact it had on the company's bottom line for the respective periods can be found in our previous articles.

The reason for this recent drop seems to be the company's latest proper press release. In that one, CEO Kenneth Waggoner explained why the date when PMCB's pancreatic cancer Phase 2b clinical trials are going to start is “difficult to announce”.

The PR explains that the original trial was planned to run “head to head” with another product, which eventually got cleared by the FDA and became what the release calls the “gold standard” for advanced pancreatic cancer treatment worldwide. Given this development, it's understandable why patients would opt for the competing product instead of enrolling for PMCB's trials.

PMCB's trial has been completely redesigned and receives ongoing improvements. The new roadmap involves running the trial on patients who did not respond to the competing product and with patient enrollment in the US and Europe in addition to Australia.

A brand new press release from the company seeks to avail the concerns of shareholders that the previous one provoked and explains that PMCB will be "in the clinic well before the end of this year" and there simply is no specific date or more specific time frame that the company can provide at this point.

It's worth noting that PMCB has so far been free from email pumps in the new year. However, the company is still being featured in all manners of research reports, some more reliable than others, disseminated through the PR grapevine. There is a recent research report on PMCB by Stonegate Capital Partners – an entity that is actually a member of the FINRA and does serious research. However, there is also a report from a certain Stock Market Media Group that largely draws conclusions based on conjecture and discloses previous compensation for covering PMCB, back when it was called Nuvilex, paid out by an unnamed “third party”. The latest piece from SMMG discloses no compensation for its production.

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