Stem Cell Therapeutics Announces Admission to Centre for Commercialization of Regenerative Medicine (CCRM) Consortium
TORONTO, ONTARIO--(Marketwire - Oct. 29, 2012) - Stem Cell Therapeutics Corp. (TSX VENTURE: SSS) ("the Company"), a life sciences development company for stem cell-based medicines, today reported its admission to the Centre for Commercialization of Regenerative Medicine's (CCRM) industry consortium.
"We are the only public Canadian company to be part of CCRM's twenty-member consortium of international leaders in the regenerative medicine arena, a consortium designed to bridge business and scientific expertise to translate stem cell-based and regenerative medicine discoveries into commercial products and therapies," said David Allan, Executive Chairman of Stem Cell Therapeutics Corp. "Participating in this consortium links us to one of the key hubs in Canada for the commercialization of this country's extraordinary output in stem cell-based science."
The corporate objectives for repositioning the Company include the now-announced involvement with CCRM, the identification and acquisition of additional technologies that will serve to attract capital to revitalize our organization, and striving to extract value from the important patented approaches for the stimulation of endogenous stem cells from Dr. Sam Weiss on which this Company was founded. Stem Cell is pleased to announce this involvement with CCRM as well as the receipt of US$175,000 of a $250,000 arrangement with NeuroNova AB, a Swedish private company developing new therapeutics for ALS and Parkinson's. The full payment will settle a patent interference case initiated by the United States Patent and Trademark Office under which Stem Cell has withdrawn certain pending and issued patents to treat Parkinson's disease.
The Company further advises that two additional patient have now been enrolled in its ongoing trial in Traumatic Brain Injury at Calgary's Foothills Hospital. These patients bring the trial to the midpoint of enrollment, restoring the prospect of the trial to meet the original timelines anticipated by the investigators after enduring a slow initial recruitment period. The Company continues to concentrate its efforts on the conclusion of its remaining objectives.
About Stem Cell Therapeutics:
Stem Cell Therapeutics Corp. (TSX VENTURE:SSS) is a Canadian commercialization receptor company in the business of developing stem cell-based therapeutics through partnerships with research institutions or technology transfer organizations. The Company's corporate objectives include the analysis and acquisition of additional stem cell-related development opportunities and securing capital for the advancement of the licensed or acquired products. SCT has extensive expertise and experience in the stem cell biotechnology sector based on the intellectual property of Dr. Samuel Weiss in stem cell research. SCT proposes to build upon this existing pipeline of stem cell technologies by acquiring new early-stage clinical or late-stage preclinical candidates. SCT's Traumatic Brain Injury product, NTx(R)-428, is currently in a Phase II clinical trial. For more information, visit: www.stemcellthera.com
Caution Regarding Forward-Looking Information:
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable Canadian provincial securities legislation (collectively, the "forward-looking statements"). These forward-looking statements relate to, among other things, SCT's objectives, goals, targets, strategies, intentions, plans, beliefs, estimates and outlook, and can, in some cases, be identified by the use of words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things: uncertainties and risks related to, the availability of capital, changes in capital markets, uncertainties related to clinical trials and product development, rapid technological change, uncertainties related to forecasts, competition, potential product liability, unproven markets for technologies in development, the cost and supply of raw materials, management of growth, effects of payers'' willingness to pay for products, risks related to regulatory matters and risks related to intellectual property matters. Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements may be found in the body of this news release, as well as under the heading "Risk Factors" contained in SCT's 2010 annual information form. SCT cautions that the foregoing list of important factors that may affect future results is not exhaustive.
When relying on SCT's forward-looking statements to make decisions with respect to SCT, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Such forward-looking statements are based on a number of estimates and assumptions which may prove to be incorrect, including, but not limited to, assumptions regarding the availability of financing for research and development companies in addition to general business and economic conditions. These risks and uncertainties should be considered carefully and investors and others should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, SCT cannot provide assurance that actual results will be consistent with these forward-looking statements. SCT undertakes no obligation to update or revise any forward-looking statement.
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Stem Cell Therapeutics Corp.