PharmaCyte Biotech makes $5M investment in Femasys to utilize cash position

PharmaCyte Biotech (PMCB) announces it has made a $5M investment in Femasys (FEMY) …Femasys offers a broad portfolio of in-office, accessible solutions, including a lead late-stage product candidate and innovative therapeutic and diagnostic products. This is the Company’s first investment in externally developed technology, which it believes will provide significant additional shareholder value and serve as a prudent use for its approximately $74.6M cash position as of July 31 which was previously reported in the Company’s Quarterly Report on Form 10-Q filed on September 18. As part of the agreement, PharmaCyte’s interim CEO Josh Silverman will join the Femasys’ Board of Directors. “The stake we have taken in Femasys is the beginning of an expansion of our corporate strategy that seeks to identify opportunities outside of our own drug development activities where we can create value both through cash investment and our own expertise. Femasys has an impressive track record in product development and commercialization, and its offerings address significant unmet medical needs in the women’s health arena. We believe we can contribute to its continued development and look forward to further collaboration and sharing in Femasys’ success. Further, we will continue to seek out opportunities where the strategic deployment of cash will ultimately result in additional value for PharmaCyte and its shareholders,” said Mr. Silverman.