Pharmacyte Biotech Inc (OTCMKTS:PMCB) has managed to bring together a global group of pioneering experts to work on its diabetes treatment project. The company wants to provide insulin-dependent patients with an effective form of diabetes control option. The team of experts is termed as the “International Diabetes Consortium,” and if company achieves success, it will be due to to the work accomplished by this team.
Pharmacyte Biotech Inc (OTCMKTS:PMCB) has formed the 16-member consortium so as to speed up the process time to get the diabetes treatment into human clinical studies. The group is working to advance with the treatment that combines company’s live-cell encapsulation technology known as Cell-in-a-Box®, with unique cell line, Melligen cells.
Earlier in May the first of the Diabetes Consortium’s study in animals with the Melligen cells resulted promising data to Pharmacyte. It reported that its latest preclinical safety trial demonstrated that Melligen cells are equally safe as the cells encapsulated with the Cell-in-a-Box technology. These encapsulated cells were administered together with the cancer drug ‘ifosfamide’ so as to cure patients suffering with advanced pancreatic cancer in initial studies.
The data from animal trials indicate that cells used in Pharmacyte diabetes treatment are safe to use. They show same effects as that of the cells that the company makes use in treatment of pancreatic cancer, set to go in a “mini” Phase III human clinical study. The company reported that additional safety, efficacy and dose finding trials of the Melligen cells will take place in the near future.
The CEO Kenneth L. Waggoner stated that Pharmacyte had to find a way to reduce the time it would take to enter into clinical studies, given the global and increasing epidemic of patients in need of insulin to treat diabetes. The company assembled five esteemed research universities working on comparable but complementary research at the same time.
In last trading session, the stock price of Pharmacyte surged more than 1% to close the trading session at $0.155. The gains came at a share volume of 1.25 million compared to average share volume of 4.33 million.