International
Stem Cell Corporation (OTCBB:ISCO)
has expanded its senior management team to include greater capacity and
flexibility as it expands its therapeutic and commercial activities for
the remainder of 2009 and beyond.
Professor Andrei Semetchkine, Ph.D., who is already a director and
officer of the Company, will assume the duties of Executive Vice
President of ISCO, with broad responsibility for the strategy,
financial, and business affairs of the company. Dr. Semetchkine, a
resident of Southern California, has been for many years a member of the
prestigious Russian Academy of Sciences, the highest scientific body in
Russia, and has been a founder or senior executive of many international
businesses. "Dr. Semetchkine brings a depth of management skills,
knowledge of opportunities in international science and a world
experience that will be extremely valuable to our Company in the days to
come," said Kenneth Aldrich, Chairman, President and CEO of ISCO.
Jeffrey Janus, will continue to be CEO and President of Lifeline Cell
Technology, the revenue generating subsidiary of ISCO, and will also
serve as Senior Vice President of Operations for the parent Company,
ISCO. "As ISCO and Lifeline have grown, the demands have increased,"
said Mr. Janus. "The addition of Dr. Semetchkine to the senior
management of ISCO will add tremendous strength to our strategic
planning and management capabilities as we move forward towards
therapeutic use of our parthenogenetic stem cells and to help us manage
the expansion of both ISCO and Lifeline more effectively."
In a final change, Ray Wood, who had been the controller of the company,
has been promoted to Vice President, Finance and Principal Financial
Officer. Mr. Wood has extensive public and private company experience
that is expected to enhance ISCO's financial and accounting strength.
Mr. Wood's appointment will also permit William Adams, a founder of the
Company to step down from his role as CFO as of June 30, 2009. He will
now work full time on developing new capital sources and collaborative
opportunities for the Company. Mr. Adams is responsible for much of the
company's financing to date, and this change will allow him to focus
more effectively on future needs of the Company, particularly in
establishing new industry and research collaborations. Mr. Adams has
also elected to resign from the Board of Directors, effective June 30,
2009, and will assist the Company in seeking an outside Board member
with relevant industry and regulatory affairs experience to fill the
vacant seat. "I am by no means leaving the Company," said Mr. Adams. "I
am just refocusing my efforts where I believe I can be of the greatest
help to the company's future."
For more news and information on International Stem Cell Corporation
please visit www.IRGnews.com/coi/ISCO
where you can find the CEO's video, a fact sheet on the company,
investor presentations, and more. ABOUT INTERNATIONAL STEM CELL CORPORATION (ISCO.OB):
International Stem Cell Corporation is a California biotechnology
company focused on developing therapeutic and research products. ISCO's
technology, Parthenogenesis, results in the creation of
pluripotent human stem cell lines from unfertilized human eggs. ISCO
scientists have created the first Parthenogenetic homozygous stem
cell line (phSC-Hhom-4) that can be a source of therapeutic cells
that will minimize immune rejection after transplantation into hundreds
of millions of individuals of differing sexes, ages and racial groups.
These advancements offer the potential to create the first true "Stem
Cell Bank" and address ethical issues by eliminating the need to use or
destroy fertilized embryos. ISCO also produces and markets specialized
cells and growth media worldwide for therapeutic research through its
subsidiary Lifeline Cell Technology. For more information, visit the
ISCO website at: www.internationalstemcell.com.
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FORWARD-LOOKING STATEMENTS: Statements pertaining to anticipated future financial and/or
operating results, future growth in research, technology, clinical
development and potential joint venture and other opportunities for the
company and its subsidiary, along with other statements about the future
expectations, beliefs, goals, plans, or prospects expressed by
management constitute forward-looking statements. Any statements that
are not historical fact (including, but not limited to statements that
contain words such as "will," "believes," "plans," "anticipates,"
"expects," "estimates,") should also be considered to be forward-looking
statements. Forward-looking statements involve risks and uncertainties,
including, without limitation, risks inherent in the development and/or
commercialization of potential products, uncertainty in the results of
clinical trials or regulatory approvals, need and ability to obtain
future capital, application of capital resources among competing uses,
and maintenance of intellectual property rights. Actual results may
differ materially from the results anticipated in these forward-looking
statements and as such should be evaluated together with the many
uncertainties that affect the company's business, particularly those
mentioned in the cautionary statements found in the company's Securities
and Exchange Commission filings. The company disclaims any intent or
obligation to update these forward-looking statements.
Key Words: Stem Cells, Biotechnology, Parthenogenesis
International Stem Cell Corporation Kenneth C. Aldrich, Chairman,
CEO 760-940-6383 kaldrich@intlstemcell.com or The
Investor Relations Group 212-825-3210 Investor Relations: Adam
S. Holdsworth aholdsworth@investorrelationsgroup.com or Media
Relations: Laura Colontrelle lcolontrelle@investorrelationsgroup.com |