International Stem Cell Corporation (OTCBB: ISCO), www.internationalstemcell.com,
and Insight Bioventures India Private Limited (IBVI), (www.insightbioventures.in)
today announced that they have agreed on financial and structural terms
for establishment of an Indian affiliate of ISCO (ISCO India). This is
an important milestone in ISCO and IBVI's goal to facilitate development
and commercialization of ISCO's stem-cell derived corneal tissue,
CytoCor™, and retinal cells, CytoRet™, for treatment of blindness and
severe vision impairment as well as cell systems for drug screening in
India and establish a manufacturing base for ISCO's Lifeline Cell
Technology® (Lifeline) brand of cell culture media for
commercialization throughout Asia.
IBVI is an experienced biomedical business developer that facilitated
the earliest cell therapy guidelines with the regulatory agencies in
India and is well connected with Indian research and clinical centers,
corporations and government. IBVI has now partnered with MARG Group (www.marggroup.com),
one of India's fastest-growing infrastructure developers with interest
in ports, airports, power plants, commercial spaces, special export
zones and other integrated infrastructures, to form 'Insight-MARG
Biofund' (Biofund). The MARG Group is the lead facilitator of Biofund,
the largest of its nature in India so far and with great possibility for
being complemented by Indian government grants.
ISCO is a public US biopharmaceutical company that has pioneered the
creation of a new class of stem cells, 'human parthenogenetic stem
cells', with broad therapeutic application potential and ability to form
non-rejected, immune matched therapeutic cells for millions of people.
Two ISCO therapeutic programs from this platform are CytoCor and CytoRet
that offer first-in-class opportunities to treat diseases in the front
and the back of the eye where surgery and traditional small molecule and
protein therapeutics are not options. ISCO also markets and sells cell
culture research products through its Lifeline affiliate and
international distributors, including in Asia. Lifeline is interested in
leveraging its expertise to develop live human cell systems for drug
screening in India.
G.R.K. Reddy, MARG Group's founder and chairman, says, 'MARG Group and
IBVI have formed Biofund to leverage our resources and network of
cutting-edge research and clinical institutes, corporate entities and
government agencies in India. We believe ISCO India's unique combination
of novel therapeutics to address large unmet medical needs and current
and near-term research product businesses will be a first successful
Biofund investment and set the stage for subsequent ventures.'
The agreed financial and structural terms will enable formation of ISCO
India as a majority-owned Indian affiliate of ISCO, initially with
laboratories in India's first clinical research facility (CRF) for stem
cells and regenerative medicine in Hyderabad with the intent to relocate
to India's first platinum-rated research center, MARG Science Park (www.margsciencepark.com),
in Chennai. The park is a member of International Association of
Sciences Parks (IASP) and has established networking and alliances with
renowned institutes and organizations. The affiliate will be managed
jointly by a team of experienced managers in India and ISCO executives.
ISCO expects that manufacturing of Lifeline media products and shipping
of cell products from this central Indian base will be established to
supply the growing network of Lifeline's Asian distributors with
high-quality products in a cost-efficient fashion. In parallel, ISCO
India intends to explore development of Lifeline cell systems for drug
screening in India. On the therapeutic side, ISCO India will leverage
the access to leading eye care researchers, patients and regulatory
agencies in India and advance the CytoCor and CytoRet cellular
ophthalmology programs towards the clinic and through safety-efficacy
trials.
Central to the operation will be continued collaboration with the
ophthalmology scientists and clinicians at Sankara Nethralaya (www.sankaranethralaya.org)
in Chennai established last spring. ISCO India will also collaborate
with the Centre for Cellular and Molecular Biology (CCMB, www.ccmb.res.in)
in Hyderabad that was instrumental in the establishment of the CRF and
will be a joint CRF tenant with ISCO India. Both institutions are
respected worldwide for their research in cellular science and therapy.
According to Dr. Jayaraman Packirisamy, Executive Director of IBVI, 'As
we launch Biofund, ISCO India will provide an opportunity to address
large unmet medical needs while establishing an ecosystem for the
well-educated work force, world-class research and development
facilities and investors in India. By combining manufacturing of
existing and development of new research products with well-defined
therapeutic development, we create an attractive risk-reward profile
that is rarely seen in our industry.'
Brian Lundstrom, ISCO's President, adds 'ISCO wishes to collaborate with
leading research and clinical groups like CCMB and Sankara Nethralaya
for our cellular ophthalmology programs. Moreover, we have to
manufacture our Lifeline media in Asia and ship those with our primary
human cells from an Asian location in order to supply that fast-growing
market with the highest possible quality products in a cost-efficient
manner. The combination of well-proven Indian research and clinical
institutes, world-class facilities, and funding from the Insight-MARG
Biofund provides ISCO with a unique way to advance our programs and
businesses without additional US capital investment or issuance of
equity shares.'
ABOUT INSIGHT BIOVENTURES INDIA
Insight Bioventures Private Limited (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.
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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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, parthenogenesis, cornea, retina, research
products, biotechnology, India
International Stem Cell Corporation Brian Lundstrom, President +1-510-220-5599 bl@intlstemcell.com or Insight
Bioventures India Private Limited Dr. Jayaraman Packirisamy,
Executive Director +91-98489-12260 jayaram@insightbioventures.in |