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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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
Lippert/Heilshorn & Associates
Don Markley, 310-691-7100