International Stem Cell Corporation (OTCBB:ISCO), www.internationalstemcell.com
announced today that it had made important strategic changes in its
management team to leverage its growing opportunities in the therapeutic
and research product markets.
The Company's current Board Member and Executive Vice-President, Dr.
Andrey Semechkin, will become CEO on November 15, 2009, and Brian
Lundstrom, an experienced biopharmaceutical executive, has joined the
Company as President. Kenneth Aldrich will remain as Chairman of the
Board and continue the active role he has played since the founding of
the Company. Jeffrey Janus will remain as Senior Vice President of ISCO
and CEO of its subsidiary, Lifeline Cell Technology.
Commenting on these management changes, Mr. Aldrich said, "We have been
searching for many months to find exactly the right combination of
skills and experience to replace what we lost with the death of our
former CEO, Jeff Krstich, in 2008. The wait has been well worthwhile.
With these changes, ISCO now has two outstanding new executives to help
lead it into the next phase of the development and commercialization of
its unique stem cell platform. Dr. Semechkin's international experience
and reputation as a creative businessman will prove invaluable as ISCO
becomes ever more involved in international research, collaborations and
clinical trials, whether in Russia or elsewhere in the World, and Mr.
Lundstrom's deep biopharmaceutical experience will enable the company to
develop and commercialize market-driven therapeutic solutions."
Dr. Semechkin is 50 years of age and has had an extraordinary career in
both his native Russia and internationally, including the US. He has
more than 20 years of experience in successfully creating and developing
many companies in different industries and scientific sectors. In
2005-2006, as part of the senior management team of the JSC Russian
Railways, he was responsible for the reform and modernization of the
structure of that organization.
He is a member of the prestigious Russian Academy of Science,
specializing in management theory, strategic planning and system
analysis. He is also the author of several books in those fields and in
2005 was awarded the Russian Federation Government Award in Science and
Technology in recognition of his scientific achievements.
Dr. Semechkin was introduced to ISCO in 2008 through our Chief
Scientific Officer, Dr. Revazova, and he has since become an investor
and active contributor of skills and advice to the Company.
Mr. Lundstrom is 47 years of age and trained in immunology, molecular
biology, finance and marketing. He brings to ISCO 23 years of clinical
and commercial development and corporate transactional experience from
predominantly publicly traded and commercially operating companies like
Novo Nordisk and SangStat/Genzyme, global leaders in biological
therapies, diabetes, transplantation and other chronic diseases.
As ISCO's President, Mr. Lundstrom will focus primarily on development
and commercialization of ISCO's universal stem cell bank and therapeutic
applications. He will also be deeply involved in ISCO's day-to-day
operations and will work with Mr. Aldrich in interacting with the
company's analysts and public markets.
Mr. Aldrich commented that, "Mr. Lundstrom provides biopharmaceutical
and corporate partnering experience to advance the company into
development that we expect to be highly complementary to Dr. Semechkin's
international management and investment experience."
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 Media Relations: Laura Colontrelle 212-825-3210 lcolontrelle@investorrelationsgroup.com |