PharmaCyte Biotech Makes $7M Investment In MyMD Pharmaceuticals; Investment In Life Sciences Solidifies Previously Announced Strategy To Utilize Significant Cash Position To Create Additional Stockholder Value
Second external investment in life sciences solidifies previously announced strategy to utilize significant cash position to create additional stockholder value
PharmaCyte Biotech, Inc. (NASDAQ:PMCB) ("PharmaCyte" or the "Company"), today announced a $7 million investment in MyMD Pharmaceuticals, Inc. (NASDAQ:MYMD) ("MyMD") a clinical stage biopharmaceutical company committed to developing novel therapies for age-related diseases, autoimmune and inflammatory conditions. MyMD has announced positive data for a 40-patient Phase 2 clinical trial for its lead product, MYMD-1 in sarcopenia, and is moving its clinical program forward in consultation with the U.S. Food and Drug Administration (FDA). PharmaCyte's investment in externally developed technology solidifies its strategy to prudently apply its approximately $65 million (as of March 31, 2024) cash position.