International Stem Cell (OTCBB:ISCO) announced today it has entered into a worldwide distribution agreement with Millipore Corporation (NYSE: MIL) to manufacture living cells and cell culture products to be sold through Millipore’s distribution network.
“To work with a company such as Millipore that has sales of over $1.5 billion and is known throughout the world is a wonderful opportunity for ISCO. This partnership will lead to a significant expansion in ISCO’s revenue generation through the manufacture of high quality cells and cell culture products. Millipore is a leader in the life science industry, with a strong sales force and distribution network serving biotechnology firms, pharmaceutical companies and laboratories around the world. The ISCO-Millipore team will provide valuable research tools for cell biologists across the world,” according to Jeffrey Janus, ISCO’s president.
International Stem Cell, an emerging stem-cell therapy company, is the first company to perfect a method of creating human stem cells from unfertilized eggs. These cells, called “parthenogenetic” stem cells promise to alleviate two critical problems inherent in cell transplantation today, immune rejection and the ethical issues associated with the use of fertilized human embryos. ISCO, through its wholly-owned subsidiary, Lifeline Cell Technology (Walkersville, MD) develops and manufactures cell culture products for research use. Such manufacturing generates revenue and therapeutic production capacity for ISCO.
“We are very excited about driving our partnership forward with ISCO,” said Don O’Neil, Millipore’s Director of Marketing for Stem Cells. “With this relationship, Millipore gains access to a world class team of scientists responsible for developing many of the 'first-in-class' specialty media products on the market. The ISCO offering perfectly compliments our strategy to become the industry leading specialty and stem cell culture complete solutions provider.”
ABOUT MILLIPORE
Millipore is a life science leader providing cutting-edge technologies, tools, and services for bioscience research and biopharmaceutical manufacturing. As a strategic partner, we collaborate with customers to confront the world's challenging human health issues. From research to development to production, our scientific expertise and innovative solutions help customers tackle their most complex problems and achieve their goals. Millipore Corporation is an S&P 500 company with more than 6,000 employees in 47 countries worldwide. Www.millipore.com
ABOUT INTERNATIONAL STEM CELL CORPORATION:
International Stem Cell is a biotechnology company currently focused on developing therapeutic and research products. In the area of therapeutic product development, ISCO's objective is to create an unlimited source of human cells for use in the treatment of several diseases, including diabetes, liver disease and retinal and corneal disease through cell transplant therapy. In furtherance of this objective, ISCO has developed pluripotent human stem cells from unfertilized human eggs, and techniques to cause those stem cells to be "differentiated" into the specific cell types required for transplant. It has developed manufacturing protocols to produce the cells minimizing contamination with animal by-products, a characteristic likely to be important in meeting U.S. Food and Drug Administration requirements. ISCO also provides the specialized cells and growth media needed for therapeutic cell transplantation research to academic and commercial researchers in related fields. For more information, visit the ISCO website at: www.internationalstemcell.com.
Tuesday, September 16, 2008
Saturday, September 13, 2008
International Stem Cell Corporation Arranges $ 3 Million Equity Financing
OCEANSIDE, Calif.–(BUSINESS WIRE)–International Stem Cell Corporation (OTCBB: ISCO - News) has entered into a subscription agreement with an accredited investor to sell three million dollars ($3,000,000) of Series C Preferred Stock at a price of $1.00 per share. The funding is to occur in three tranches. The first, for $700,000, closed August 20, 2008. The second closing for $1,300,000 is scheduled for September 23, 2008 and the final closing of $1,000,000 is scheduled for December 15, 2008, subject to determination by the investor that no material adverse event has occurred. The investor will be entitled to one of the Company’s seven board seats. Each $1.00 share of Series C Preferred will be convertible into shares of common stock at $0.25 per share, subject to antidilution provisions if the company subsequently issues shares at a lower price. The Series C Preferred has priority over the Common Stock on any sale or liquidation of the Company and a preference before any dividend can be paid on Common Stock in any year. Each share of Series C Preferred has the same voting rights as the number of shares of Common Stock into which it is convertible.
The funds will support work towards pre-clinical trials using parthenogenetic stem cells for retinal and liver disease and diabetes; advance the construction of therapeutic cell manufacturing facilities and support ongoing operations.
“These funds will go a long way toward insuring that ISCO continues to move forward without interruption in its quest to provide the cells needed to make regenerative medicine therapies available to millions of people throughout the world,” said ISCO’s CEO, Kenneth Aldrich.
The securities were offered and sold to the investor in a private placement transaction made in reliance upon exemptions from registration pursuant to Section 4(2) under the Securities Act of 1933 and Rule 506 promulgated thereunder. The Investor is an accredited investor as defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933.
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About International Stem Cell Corporation (ISCO.OB):
International Stem Cell Corporation (ISCO) 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 also have created the first Parthenogenetic homozygous stem cell line (phSC-Hhom-4) that can be a source of therapeutic cells that will not be immune rejected after transplantation into 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 future financial and/or operating results, future growth in research, technology, clinical development and potential 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, 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, Liver disease
Contact:
International Stem Cell Corporation
Kenneth C. Aldrich, CEO, 760-940-6383
kaldrich@intlstemcell.com
or
Jeffrey Janus, President, 760-940-6383
jjanus@intlstemcell.com
or
William Adams, Chief Financial Officer, 760-940-6383
wadams@intlstemcell.com
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