PHARMACYTE BIOTECH, INC. (OTCMKTS:PMCB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On May 1, 2017, the Board of Directors (Board) of PharmaCyte
Biotech, Inc., a Nevada corporation (Company), appointed Thomas
C. K. Yuen (Mr. Yuen) to the Board to fill a vacancy created by
the departure of certain members of the Board in October 2014.
In connection with Mr. Yuens appointment to the Board, the
Company entered into a letter agreement (Letter Agreement) with
Mr. Yuen to which the Company agreed to pay Mr. Yuen $12,500 in
cash for each calendar quarter of service on the Board and agreed
to issue annually: (i) 250,000 fully-paid, non-assessable shares
of the Companys restricted common stock (Shares); and (ii) a
five-year option to purchase 250,000 shares of the Companys
restricted common stock (Option) to Mr. Yuen at an exercise price
equal to the fair market value of the Companys common stock on
the date of grant. The Shares and the Option were fully vested on
the date of the grants. The Board of Directors approved the
initial issuances of the Shares and the Option on May 1, 2017,
and the Option has an exercise price of $0.0734 per share.
The foregoing description of the Letter Agreement does not
purport to be complete and is qualified in its entirety by
reference to the complete text of the Letter Agreement, a copy of
which is filed as Exhibit 10.1 to this Form 8-K and is
incorporated by reference herein.
| Item 7.01 | Regulation FD Disclosure. |
Attached hereto as Exhibit 99.1 is a copy of the Companys press
release dated May 1, 2017, regarding the appointment of Mr. Yuen
to the Companys Board. The information furnished in this Item
7.01, including Exhibit 99.1, shall not be deemed to be filed for
purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liabilities of that section.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| 10.1 |
Letter Agreement between the Company and Mr. Yuen dated May 1, 2017. |
| 99.1 |
PharmaCyte Biotech, Inc. press release dated May 2, 2017 (furnished to Item 7.01). |
to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
Dated: May 2, 2017
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PHARMACYTE BIOTECH, INC. By: /s/ Kenneth L. Waggoner Kenneth L. Waggoner Chief Executive Officer President and General Counsel |
EXHIBIT INDEX
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Exhibit No. |
Description | ||
| 10.1 |
Letter Agreement between the Company and Mr. Yuen dated May 1, 2017. |
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| 99.1 |
PharmaCyte Biotech, Inc. press release dated May 1, 2017 (furnished |
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About PHARMACYTE BIOTECH, INC. (OTCMKTS:PMCB)
PharmaCyte Biotech, Inc., formerly Nuvilex, Inc., is a clinical-stage biotechnology company focused on developing and preparing to commercialize treatments for cancer and diabetes based upon a cellulose-based live cell encapsulation technology known as Cell-in-a-Box. The Company’s Cell-in-a-Box technology will be used as a platform upon which treatments for various types of cancer, including advanced, inoperable pancreatic cancer, and diabetes will be developed. The Company is developing therapies for pancreatic and other solid cancerous tumors involving the encapsulation of live cells placed in the body to enable the delivery of cancer-killing drugs at the source of the cancer. It is also developing a therapy for Type I diabetes and insulin-dependent Type II diabetes based upon the encapsulation of a human cell line genetically engineered to produce, store and secrete insulin at levels in proportion to the levels of blood sugar in the human body using its Cell-in-a-Box technology. PHARMACYTE BIOTECH, INC. (OTCMKTS:PMCB) Recent Trading Information
PHARMACYTE BIOTECH, INC. (OTCMKTS:PMCB) closed its last trading session down -0.0045 at 0.0734 with 1,713,749 shares trading hands.