The Securities and Exchange Commission today charged CellCyte Genetics Corporation, a biotechnology company based in Bothell, Wash., and its former CEO and Chief Scientific Officer, for [color=falsely telling investors that the company's cutting-edge stem cell technology had been proven successful and was headed for human trials. In reality, the SEC alleges, the company merely had a license for a very early stage technology and no reasonable basis for its claims. According to the SEC, stock promoters hired by the company then spread the false information to investors,[/color] briefly driving the stock price to $7.50 before it plummeted back down to under a dime. “CellCyte and its senior officers knew that it would take years of research to determine whether the stem cell discovery could be developed into a viable product,” said Marc Fagel, director of the SEC’s San Francisco Regional Office, in a statement. “In their rush to cash in on the promise of stem cell research, they concealed the true facts from investors.”
Nice article about $PMCB now called (CIAB) from 1999! I think it is good to learn how long CIAB has been around without any big pharma being interested.
Year: 1999 Injection of encapsulated cells producing an ifosfamide-activating cytochrome P450 for targeted chemotherapy to pancreatic tumors.
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