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
Portfolio Pulse from Benzinga Newsdesk
PharmaCyte Biotech (NASDAQ: PMCB) has invested $7 million in MyMD Pharmaceuticals (NASDAQ: MYMD), a clinical stage biopharmaceutical company. This investment aligns with PharmaCyte's strategy to utilize its significant cash position to create additional stockholder value. MyMD has reported positive data from a Phase 2 clinical trial for its lead product, MYMD-1, in sarcopenia.
May 21, 2024 | 1:41 pm
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POSITIVE IMPACT
MyMD Pharmaceuticals has received a $7 million investment from PharmaCyte Biotech, which will support its clinical programs, including the development of MYMD-1 for sarcopenia.
The $7 million investment from PharmaCyte Biotech will provide MyMD Pharmaceuticals with additional resources to advance its clinical programs, including the development of MYMD-1 for sarcopenia. This is likely to be viewed positively by investors.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
PharmaCyte Biotech has invested $7 million in MyMD Pharmaceuticals, aligning with its strategy to utilize its cash position to create stockholder value.
The $7 million investment in MyMD Pharmaceuticals is a strategic move by PharmaCyte to utilize its significant cash position to create additional stockholder value. This aligns with their previously announced strategy and is likely to be viewed positively by investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100