"NexGen is very excited about this collaboration with SCT and ReNeu," said John Kucharczyk, CEO of NexGen Medical Systems. "The novel treatment methods have the potential to introduce entirely new therapies for several neurological diseases and disorders. NexGen's proprietary EViTAR neurocatheters are designed for delivery of therapeutic agents directly to target tissues in the brain and spinal cord, which is expected to significantly reduce side-effects associated with systemic delivery of drugs," Kucharczyk added.
ReNeu's initial board will be composed of David Allan, Executive Chairman of Stem Cell Therapeutics, Dr. John Kucharczyk, CEO of NexGen Medical Systems, Dr. Brad Thompson, Chairman & CEO of Oncolytics Biotech and Dr. Joseph Tucker, founding CEO of ReNeu. The Company intends to vigorously pursue regulatory approval to move the combined technologies into clinical trials with a target of clinical initiation in 2014.
SCT will retain all rights to its endogenous stem cell-stimulating technology other than direct-to-brain administration.
About Stem Cell Therapeutics Corp.:
Stem Cell Therapeutics Corp. develops stem cell-based therapeutics through partnerships with research institutions and technology transfer organizations. SCT's objectives include the sourcing and acquisition of additional stem cell-related development opportunities, and securing capital for the advancement of its licensed or acquired products. SCT is currently conducting a Phase II clinical trial in traumatic brain injury with NTx®-428 designed to characterize the ability of hCG followed by EPO to promote neurological and functional recovery of the brain following moderate-to-serious acute cortical (white matter) injury to the brain. For more information visit: www.StemCellThera.com.
About ReNeu Inc.:
ReNeu Inc. is a biotechnology company developing novel therapies for the treatment of central nervous system disorders. Our proprietary approach is to enhance brain remodeling and plasticity by administering neurogenesis-promoting drugs directly into the brains of patients. Our lead product, UnDo, aims to improve brain and motor function in victims of stroke. For more information visit: www.ReNeuInc.com.
About NexGen Medical Systems, Inc.:
NexGen Medical Systems, Inc. is a private, development-stage Florida-based company that is developing catheter-based medical device products for therapeutic interventions in radiology, vascular surgery, and neurosurgery. The Company is commercializing an integrated medical device product line for removal of blood clots from head, neck, and peripheral vessels. The Company also develops access devices and technologies for the treatment of neurological diseases and disorders. NexGen is incorporated in Delaware and commenced operations in 2005. For more information visit: www.NexgenMedsystem.com.
Caution Regarding Forward-Looking Information:
This press release may contain forward-looking statements, which reflect SCT's current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, SCT's ability to obtain financing in connection with the proposed arrangement; uncertainties as to the timing of the arrangement; the satisfaction of the conditions precedent to the completion of the arrangement; changing market conditions; the successful and timely completion of pre-clinical and clinical studies; the establishment of corporate alliances; the impact of competitive products and pricing; new product development risks; uncertainties related to the regulatory approval process or the ability to obtain drug product in sufficient quantity or at standards acceptable to health regulatory authorities to complete clinical trials or to meet commercial demand; and other risks detailed from time to time in SCT's ongoing quarterly and annual reporting. Except as required by applicable securities laws, SCT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Stem Cell Therapeutics Corp.
+1 647 258 4325
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