$PMCB Pharmacyte Biotech Inc. (OTCMKTS:PMCB) Working On Cannabis-Based Therapies PMCB
Pharmacyte Biotech Inc. (OTCMKTS:PMCB) fell 25%, days after announcing its research partner had achieved an important milestone in the use of Cannabinoid-based therapy to fight cancer. The University of Northern Colorado has reportedly identified an organism genome that contains genetic code for the production of an enzyme capable of activating the cannabinoid prodrug for fighting cancer.
PMCB Stock Performance
Thursday’s sell-off resulted in Pharmacyte Biotech Inc. (OTCMKTS:PMCB) plunging to this year’s low as it closes in on its 52-week low of $0.02 a share. The stock has remained under pressure for the better part of the year having already shed more than 70% of market value. The stock is currently trading in a downtrend after underperforming the overall industry for the better part of the year.
Pharmacyte Biotech Inc. (OTCMKTS:PMCB) has since turned its attention to cannabinoid-based therapies for the treatment of cancer as it looks to affirm its growth prospects. A partnership With UNC is already bearing fruit and bringing the company close to cannabinoid-therapies utilizing the Cell-in-a-Box live-cell encapsulation technology.
According to Chief Executive Officer, Kenneth L, Waggoner, the innovative cannabis program has established PharmaCyte as a serious player in the medical cannabis space.
“Our work at UNC continues to bear fruit. The work with cancer cell lines not only confirmed cannabinoid anti-cancer activity, it generated important dosing data. The work to identify the needed activating enzyme has been intensive and time-consuming, and we are pleased to have identified a front-running candidate that has exhibited the desired activity, said Dr. Mark Labe.
Pharmacyte Biotech Inc. (OTCMKTS:PMCB) is currently exploring additional strategic relationships to advance product development and commercialization. The clinical stage company is paying more attention to two areas on its push for cannabis-based cancer treatments.
The first one involves confirming the anti-cancer activity of cannabinoids such as tetrahydrocannabinol and cannabinol UNC research department has already shown potent dose-dependent can lead to a decrease in cell viability for various cancers.
The second area of focus involves Pharmacyte Biotech Inc. (OTCMKTS:PMCB) finding an enzyme capable of converting an inactive side-effect-free cannabinoid prodrug into its active cancer-killing form. The company’s Chief Executive Officer is to soon issue an update on ongoing clinical program for pancreatic cancer.