International Stem Cell Corporation (OTCBB:ISCO) today announced that
its Board of Directors designated Dr. Andrey Semechkin, the Company's
Chief Executive Officer, as a Co-Chairman with the Company's founder,
Kenneth Aldrich, and also named Kurt May as President and Chief
Operating Officer, effective immediately. Mr. May is currently Senior
Vice President and this represents both a promotion and the delegation
of additional duties and responsibilities consistent with his
increasingly important role in the future of ISCO.
Dr. Semechkin commented, "Kurt May is an extremely capable executive who
has managed both a multi-billion dollar public company and a successful
life sciences startup company. His willingness to assume operational
responsibilities for ISCO will allow me, as CEO, to focus more intently
on scientific and strategic initiatives that are central to developing
ISCO into a major force in the world of stem cell therapy. Working
together with the fine team of executives and scientists already within
ISCO, I have high hopes and confidence we can reach that goal."
Prior to joining ISCO, Mr. May was a senior executive with GTE
Corporation and with PriceSmart, Inc., and the founder and CEO of a
privately owned biotech company, Psynomics, based on medical technology
derived from the University of California, San Diego. Mr. May served as
a faculty member and Assistant Dean of UCSD's Rady School of Management
from 2005 to 2009.
During his tenure as PriceSmart's Chief Operating Officer, Mr. May led
the company from startup to growth over three years that included
establishing 22 stores in 11 countries, reaching annual revenues of more
than $500 million, achieving profitability, and expanding staff from 356
to more than 4,200.
"In addition to its therapeutic programs, ISCO is dedicated to building
its revenue-generating subsidiaries to high levels of profitability. We
view Mr. May's commercial and entrepreneurial skills as an essential
part of our business plan for success," said Kenneth Aldrich, Co-Founder
and Co-Chairman of ISCO.
About International Stem Cell Corporation
International Stem Cell Corporation is focused on the therapeutic
applications of human parthenogenetic stem cells (hpSCs) 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 for hundreds of millions of individuals of differing
genders, ages and racial background with minimal immune rejection after
transplantation. hpSCs offer 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, 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, Co-Chairman
760-940-6383
kaldrich@intlstemcell.com
or
Lippert/Heilshorn
& Associates
Don Markley, 310-691-7100
dmarkley@lhai.com