On June 2, 2022 PharmaCyte Biotech, Inc. (NASDAQ: PMCB) (PharmaCyte), a biotechnology company focused on developing cellular therapies for cancer, diabetes and malignant ascites using its signature live-cell encapsulation technology, Cell-in-a-Box, reported that its Board of Directors (Board) has authorized a share repurchase program to repurchase up to $10 million of PharmaCyte’s outstanding common stock (Press release, PharmaCyte Biotech, JUN 2, 2022, View Source [SID1234615451]). The share repurchase authorization is effective immediately for a two-year period. PharmaCyte expects to fund the program with its available cash.
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PharmaCyte’s Chief Executive Officer, Kenneth L. Waggoner, said, "The Board’s decision to establish this share repurchase program reflects our commitment to creating shareholder value, our strong balance sheet and the expectations we have for 2022 and beyond. Because shareholder value is key to our success, our Board began discussing a share repurchase program at a quarterly Board meeting in March of this year.
"It has been decided that since, unlike in year’s past, we are finally in a strong enough financial position we can allocate some of our capital in ways that will generate as much value as possible for our shareholders. In our improved financial position, we will continue to prioritize capital allocation that supports our financial strategies."
The shares may be repurchased from time to time in open market transactions, negotiated block transactions or other means in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing of the purchase, the number of shares repurchased, and the prices paid for the shares under this program will depend on general business and market conditions, the trading price of PharmaCyte’s common stock and corporate and regulatory limitations, including blackout period restrictions. The share repurchase program does not obligate PharmaCyte to acquire a specific dollar amount or number of shares and may be extended, modified, or discontinued at any time.
To learn more about PharmaCyte’s pancreatic cancer treatment and how it works inside the body to treat locally advanced, inoperable pancreatic cancer, we encourage you to watch PharmaCyte’s documentary video complete with medical animations at: View Source