SOURCE: International Stem Cell Corporation
CARLSBAD, CA--(Marketwire - Mar 14, 2013) - International Stem Cell Corporation (OTCQB: ISCO) (www.internationalstemcell.com), a California-based biotechnology company focused on the therapeutic applications of human parthenogenetic stem cells, announced today that it raised $1 million from a number of existing long-standing investors through a private placement on the same terms as the transaction with management reported on January 22, 2013.
The funds, along with those received in January 2013 from members of management, will help advance the Company's therapeutic programs towards clinical stage, building upon recently announced promising pre-clinical data for both the Parkinson's and Liver disease programs.
"To have a number of existing shareholders increase their positions is gratifying and shows a high level of confidence in our ability to deliver milestones and build shareholder value," commented Dr. Andrey Semechkin, CEO and Co-Chairman of ISCO. "It is very important to us that we have the trust of some of our largest shareholders and that they have a strong belief in both management's ability to execute and the technical, medical and immunological advantages of human parthenogenetic stem cells. We believe passionately that hpSC will play an important part in the development of treatments for a number of incurable diseases and this investment brings this vision closer to reality."
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) hence avoiding ethical issues associated with the use or destruction of viable human embryos. ISCO scientists have created the first parthenogenetic, 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 (www.lifelinecelltech.com), and stem cell-based skin care products through its subsidiary Lifeline Skin Care (www.lifelineskincare.com). More information is available at www.internationalstemcell.com.
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Safe harbor statement
Statements pertaining to anticipated developments, the potential use of technologies to develop therapeutic products, potential 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" or "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.