Pharmacyte Biotech Inc (OTCMKTS:PMCB) a clinical stage biotech company confirmed that the Institute of Virology, one of the partners in company’s Biotech international Diabetes Consortium, concluded the first round of safety assessment of the Melligen cells in mice.
The results demonstrated that safety of Melligen cells was comparable with that of the cells that were encapsulated with the advanced Cell-in-a-Box technology. Both the cells were then utilized together along with the drug ifosfamide to cure patients suffering with advanced pancreatic cancer in initially conducted clinical studies. This safety trial is the first trial in animals of the Melligen cells, and has been done under the plan of the international Diabetes Consortium. Pharmacyte said that additional trials to assess safety, efficacy and dose finding of the Melligen cells will be conducted in the near future.
The encouraging results
Kenneth L. Waggoner, the CEO said that team of Pharmacyte is delighted that the first study of the Melligen cells demonstrated encouraging data. Given these findings, the company is moving forward with its measures on multiple fronts to formulate a treatment for insulin-dependent patients using Cell-in-a-Box technology. The management is of view that by placing encapsulated Melligen cells into patients with diabetes, the need for daily injections of insulin can be reduced.
This therapy is believed to be at the forefront of identifying a treatment for Type 1 diabetes and also for people suffering with Type 2 diabetes and in need of insulin. The cells have demonstrated encouraging results for insulin dependent diabetes using the genetic engineering of non-pancreatic beta cells. It would be a significant achievement for the company.
In last trading session, the stock price of Pharmacyte jumped more than 7% to close the trading session at $0.160. The gains came at a share volume of 4.29 million compared to average share volume of 5.18 million.