At the annual shareholders meeting of International Stem Cell
Corporation (OTCBB:ISCO) on May 3, 2011, Kenneth Aldrich, Chairman and
co-founder of ISCO conducted a presentation to shareholders that
included the following remarks:
Good morning to all our shareholders and friends of ISCO. Let me make
just a few comments about where we are and the progress we have made
over the last year. All of the developments and news I will discuss were
announced in the past 12 months, but with the passage of time it is easy
to lose track of how much progress ISCO has actually made. I won't
mention everything-we don't have that much time, but some highlights
will, I hope, help put these recent achievements into perspective.
A little less than a year ago, in June 2010, our first parthenogenetic
patent application was formally approved by the US Patent Office. More
applications are pending, but this approval established ISCO as the
lawful owner of the rights to produce human stem cell lines through
parthenogenesis. That is a platform on which we expect to build for a
long time.
Also in June we eliminated all of our outstanding corporate debt and we
remain debt free.
In July we announced the signing of a distribution contract with Sristi
Biosciences, a major seller of research products in India, which
continues the international commercial expansion of our Lifeline Cell
Technology® brand.
In October we announced the first steps toward the formation of a major
funded collaboration in India with Insight Bioventures India Private
Limited (IBVI) to develop treatments for corneal damage and retinal
disease. Planning for that work is ongoing and the Executive Director of
Insight Bioventures has flown in from India to meet with us today, so we
remain very optimistic about this project.
In November, we presented the results of scientific studies
demonstrating a new and better method for differentiating our
parthenogenetic cells into liver cells, a critical step toward using
them to treat liver disease.
In November and December we launched the first test marketing runs of
our new skin crème products, first to our own shareholders and friends,
then to a select mailing list developed by our marketing partner, John
Mauldin. Those resulted in sales of over 7,000 bottles of our new
products.
In December we established $25 million financing commitment that
provides access to capital on an as-needed basis over a three year
period, but never requires the sale of stock unless we think it will
benefit the company and its shareholders. This agreement provides us a
high degree of flexibility in meeting our financial needs.
In January 2011 we announced publication of peer-reviewed studies
further validating the functional equivalency of our parthenogenetic
stem cells with embryonic stem cells. These studies confirm our ability
to benefit from much of the millions of dollars of research on embryonic
stem cells over the last decade. In short, we have a running start in
the search for cures.
Throughout the year we have made steady progress in development of liver
cells and liver precursor cells, culminating in an announcement in April
of this year that we had successfully completed the first in a series of
pre-clinical tests of parthenogenetically derived liver cells.
Last, but by no means least, we have received the necessary approvals
for creating new Parthenogenetic Stem Cell Lines in the United States.
These will be clinical grade lines suitable for human trials, and are
the first major step in this country to begin building a "Bank" of stem
cells enabling the matching of immune systems of millions of people
worldwide, with the potential to eliminate or reduce the harmful effects
of immune suppressing drugs that would normally have to be used with
stem cell transplant procedures.
All of these news stories and more are available on our website along
with presentations we have made recently to investors in the US and
Europe. On behalf of the Board of Directors and everyone at ISCO, I
thank you for your support.
About International Stem Cell Corporation
International Stem Cell Corporation is focused on the therapeutic
applications of human parthenogenetic stem cells and the development and
commercialization of cell-based research and cosmetic products. ISCO's
core technology, parthenogenesis, results in the creation of pluripotent
human stem cells from unfertilized oocytes (eggs). hpSCs avoid ethical
issues associated with the use or destruction of viable human embryos.
ISCO scientists have created the first parthenogenic, homozygous stem
cell line that can be a source of therapeutic cells with minimal immune
rejection after transplantation into hundreds of millions of individuals
of differing genders, ages and racial background. This offers the
potential to create the first true stem cell bank, UniStemCell™. ISCO
also produces and markets specialized cells and growth media for
therapeutic research worldwide through its subsidiary Lifeline Cell
Technology, and cell-based skin care products through its subsidiary
Lifeline Skin Care. More information is available at www.internationalstemcell.com.
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Forward-looking Statements
Statements pertaining to anticipated developments, product introduction
plans and related support, the potential benefits of products, 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, 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.
International Stem Cell Corporation Kenneth C Aldrich, Chairman 760-940-6383 kaldrich@intlstemcell.com |