International Stem Cell Corporation (OTCBB: ISCO), www.internationalstemcell.com,
and Insight Bioventures India Private Limited (IBVI), (www.insightbioventures.in)
announced today that they have signed a letter of intent concerning
funding and establishment of an Indian affiliate of ISCO (ISCO India).
The goal is to establish world-class development and manufacturing
operations for ISCO's research and pharmaceutical products in India,
including its Lifeline Cell Technology® research products and
human corneal tissue, CytoCor™, for treatment of corneal vision
impairment and testing of chemicals.
IBVI is an experienced biomedical business facilitator with a solid
network among Indian corporations, academia and government. In
collaboration with Sristi Biosciences (www.sristibio.com),
a full-fledged developer, manufacturer and commercial operation and the
therapeutic arm of Indian bio industry leader Sri Bio (www.sribio.com),
IBVI facilitated the earliest submissions and approvals of the stem cell
therapy guidelines of India. Some of IBVI's major collaborators include
ophthalmology research center and hospital, Sankara Nethralaya (www.sankaranethralaya.org),
The Centre for Cellular and Molecular Biology (a federally funded
institute run by the Indian government, www.ccmb.res.in),
the All-India Institute for Medical Sciences (www.aiims.edu),
and the Indian Council for Medical Research (www.icmr.nic.in).
IBVI has established a dedicated Biofund to finance novel businesses in
India.
According to Dr. Jayaraman Packirisamy, Executive Director of IBVI,
'ISCO offers our investors as well as corporate and academic partners a
unique combination of Lifeline marketed research products with near-term
revenue potential in India, CytoCor with potential to change standard of
care for the widespread corneal blindness and vision impairment in India
and the rest of Asia, and an opportunity to apply our well-educated work
force and industrial grade facilities to develop and manufacture these
and other biomedical products cost-efficiently in India. We therefore
look much forward to lead the funding and implementation of ISCO India.'
Dr. Gopal Pande, managing scientist at The Centre for Cellular and
Molecular Biology adds, 'Our institution is a leader in cell biology in
India and, while we have been involved with a wide range of
opportunities in this field, we believe CytoCor represents a rare
opportunity to produce functional, live human tissue from individual
cells. We are keen to explore the possibilities with ISCO and IBVI and
hope to not only apply our scientific expertise but also to host ISCO in
India's first, state-of-the art, $60M, integrated research and clinical
development facility for stem cells and regenerative medicine, CRF,
established in collaboration between the CCMB and the Nizam's Institute
of Medical Sciences.'
Under the letter of intent, IBVI will lead the funding and establishment
of ISCO India with facilities and staff. ISCO will train Indian
scientists and commercial staff and provide rights to the company's
technologies, products and intellectual property as needed. ISCO India
will be managed by a combined team of experienced development and
business executives from IBVI and Sristi Biosciences in India and senior
executives of ISCO in the US. ISCO India will be based in Hyderabad and
continue to work closely with the leading team of ophthalmology
scientists and clinicians at Sankara Nethralaya in Chennai as well as
researchers and government bodies across India. Formal details of this
arrangement are expected to become the subject of a definitive agreement
in the near future.
'IBVI and their corporate, academic and government network provide ISCO
with an unparalleled opportunity to tap into the rapidly growing
research product market in India and develop CytoCor with a team of
experienced scientists and clinicians in the country with most corneal
blindness and vision impairment in the world. Furthermore, IBVI's
Biofund investors enable us to do so without ISCO capital investment or
issuance of equity shares. Finally, by establishing our own affiliate in
India, ISCO will be able to participate in the economic benefits of our
technologies and products while retaining the intellectual property
control that is so important across Asia,' says Brian Lundstrom, ISCO's
President.
ABOUT INTERNATIONAL STEM CELL CORPORATION (ISCO.OB)
International Stem Cell Corporation is a California-based biotechnology
company focused on therapeutic and research products. ISCO's core
technology, parthenogenesis, results in creation of pluripotent human
stem cells from unfertilized oocytes (eggs). These proprietary cells
avoid ethical issues associated with use or destruction of viable human
embryos and, unlike most other major stem cell types, can be immune
matched and be a source of therapeutic cells with minimal rejection
after transplantation into hundreds of millions of individuals of
differing racial groups. ISCO also produces and markets specialized
cells and growth media for therapeutic research worldwide through its
subsidiary, Lifeline Cell Technology, and is developing a line of
cosmeceutical products via its subsidiary, Lifeline Skin Care. ISCO is
advancing novel human stem cell-based therapies where cells have been
proven to be efficacious but traditional small molecule and protein
therapeutics have not. More information is available on ISCO's website.
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ABOUT INSIGHT BIOVENTURES INDIA
Insight Bioventures India Private Limited India (IBVI) is the Asian
member of Insight Bioventures founded in 1997 to apply a
multidimensional approach to value creation in the international life
sciences community while placing client's interests first. IBVI operates
through a team of experienced associates and partners from the
pharmaceutical industry, academic research and the financial sector. The
company maintains long-standing relationships with opinion leaders in
different therapeutic areas that assist in evaluation and advancement of
innovative product concepts and medical businesses. IBVI has made tissue
engineering and cell therapy a major technology focus and works with
recognized leaders in these areas, e.g. Sristi Biosciences and
International Stem Cell Corporation. IBVI has partnered with strong
Indian corporations and high net worth individuals to establish a
dedicated 'Biofund' to finance the best novel technologies for Indian
development and with potential to address large unmet medical needs in
the Asian market. More information is available on IBVI's website: www.insightbioventures.in.
FORWARD-LOOKING STATEMENTS
Statements pertaining to anticipated developments and therapeutic
applications, the potential benefits of collaborations, affiliations,
and other opportunities for the company and its subsidiaries, 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 and the management of collaborations, 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 forward-looking statements.
Key Words: Stem Cells, Biotechnology, Parthenogenesis
International Stem Cell Corporation Kenneth C. Aldrich, Chairman 760-940-6383 kaldrich@intlstemcell.com Or Brian
Lundstrom, President 760-640-6383 bl@intlstemcell.com |