In recent times, the PharmaCyte Biotech Inc (OTCMKTS:PMCB) stock has emerged as a notable gainer in the biotech space and the strong move has continued this morning. This morning the stock has carried on its momentum and soared by 13% to takes its gains for the past week to as much as 55%.
Earlier today, the stock has come on to the radars of investors after it announced the steps that it is taking in order to get the clinical hold placed by the United States Food and Drug Administration lifted. This is a major development for the company and the rally in the stock is understandable. Once the clinical hold is lifted the company will be able to start its clinical trial for LAPC (locally advanced, inoperable, pancreatic cancer).
Kenneth L. Waggoner, who is the Chief Executive Officer of the company, spoke about the events leading up to the clinical hold. He said that that on September 1 last year, the company had submitted its Investigational New Drug (IND) Application for LAPC. However, exactly a month later on October 1 the FDA informed that the IND had been placed under clinical hold.
He went on to stated that on October 30 the agency sent in a letter that laid out the reasons behind the action and also provided PharmaCyte with guidance on what it would need to do in order to get the clinical hold lifted. PharmaCyte has created a team made up of regulatory and scientific experts who are going to put together the response as requested by the FDA. It is an important step and one that is being seen as a major positive by the market.
At the time of writing, PMCB is up by 13% to $0.0135 on higher than average volume. So far more than 10.83 million shares have traded, compared to its average volume of 6.31 million shares.