What's Up With PharmaCyte Biotech Shares Today?

PharmaCyte Biotech Inc PMCB is surging higher Wednesday on abnormally-high volume following the company's recent listing on the Nasdaq.

PharmaCyte Biotech CEO Kenneth Waggoner released a statement on the company's current business focus Monday. Waggoner said the company is focused on complying with the U.S. Food and Drug Administration’s clinical hold requests in order to achieve an open Investigational New Drug Application.

The PharmaCyte Biotech also provided insight on the Nasdaq listing:

“Becoming a Nasdaq-listed company is an important milestone in PharmaCyte’s lifecycle as we continue to execute on our initiatives to build long term shareholder value and to develop our treatments for pancreatic cancer, diabetes and other hard-to-treat diseases. We believe being a Nasdaq-listed company will help elevate our public profile, expand our shareholder base, improve liquidity and enhance shareholder value," Waggoner said.

PharmaCyte Biotech is a clinical stage biotechnology company focused on developing and preparing to commercialize cellular therapies for cancer and diabetes based on a proprietary cellulose-based live cell encapsulation technology known as Cell-in-a-Box.

The Cell-in-a-Box technology is intended to be used as a platform upon which therapies for several types of cancer, including advanced, inoperable pancreatic cancer, and diabetes will be developed.

At last check Wednesday, the stock was up 112.30% at $7.26.