PharmaCyte completes tender offer to purchase shares

• Cell therapy developer PharmaCyte Biotech (NASDAQ:PMCB) announced Thursday the completion of its previously announced tender offer to purchase up to 7.8M shares of the company’s common stock.
• Disclosing its results, the Las Vegas, Nevada-based biotech said that when the tender offer expired last Friday, ~9.7M shares of its common stock had been validly tendered.
• The company agreed to buy 8.1M of shares at $3.25 per share representing about 48% of its shares of common stock outstanding as of April 30, 2023. The total cost of the transaction stands at $26.3M, excluding related fees, excise taxes, and expenses.
• PharmaCyte (PMCB) has fully funded the tender offer through its cash on hand. CEO Josh Silverman highlighted the company’s strong financial position noting that its cash level of $74M and limited cash burn allows PharmaCyte (PMCB) to seek suitable buyout targets.

More on PharmaCyte

• PharmaCyte Announces Cash Tender Offer for up to ~7.8M Shares at $3.25 Per Share
• PharmaCyte Biotech gains on implementing second $10M share repurchase plan