Pharmacyte Biotech Inc (OTCMKTS:PMCB) is out with another big development. The biotechnology company, which is developing therapies for cancer and diabetes, claimed that it has completed the task of formation of International Diabetes Consortium. The company said that the Consortium is complete with the addition of last two members, Dr. Thomas Stratmann, and Dr. Axel Kornerup Hansen.
While giving a brief account of the two members, Pharmacyte Biotech Inc (OTCMKTS:PMCB) noted that Dr. Stratmann is currently associated with the University of Barcelona in Spain as an Associate Professor. Further, Dr. Stratmann belongs to the Department of Physiology and Immunology and holds an extensive experience in diabetes mouse model of T1D (Type 1 Diabetes). At the same time, the company mentioned that Dr. Hansen is serving at the University of Copenhagen in Denmark as the Professor under the Department of Veterinary Disease Biology. As a member of the Consortium, Dr. Hansen will contribute by determining the minium dose of Melligen cells that will bring blood glucose levels in pigs and rats to a normal mark.
Clinical trial to begin soon
Commenting on the development, Pharmacyte Biotech Inc (OTCMKTS:PMCB)’s CEO Kenneth L. Waggoner expressed his excitement over the completion of Consortium in a short period. This has set a stage for the company to pursue with the clinical trial of therapy to treat diabetes using its proprietary live-cell encapsulation technology. Waggoner showed confidence that the completion of Consortium will enable the company to jump into the clinical trial of treating insulin-dependent diabetes sooner than otherwise. It is to be noted that the Consortium is aimed to bring experts from around the world together, who will work jointly to develop a therapy to treat diabetes.
The stock of Pharmacyte Biotech Inc (OTCMKTS:PMCB) was down by nearly 10% to $0.184 during the last trading session. The average volume of traded shares was recorded 4.33 million on the day.