ONCE Breaking news!
NEW YORK, Jan 12, 2012 (GlobeNewswire via COMTEX) -- Islet Sciences, Inc., a wholly-owned subsidiary of One E-Commerce Corporation (OTCBB:ONCE) a biotechnology company engaged in the research, development and commercialization of patented technologies in the field of transplantation therapy for patients with diabetes, today announced that the company has signed a services agreement with Progenitor Cell Therapy (PCT), a wholly owned subsidiary of NeoStem Inc. (NYSE Amex:NBS), and a leader in providing custom-tailored cell therapy services.
Under this agreement, PCT will be providing the protocols, procedures, systems, equipment, testing, quality controls, and manufacturing and distribution services to support the development and commercialization of ISI's encapsulated porcine islet cells for the treatment of diabetes.
The company plans to file an IND with the FDA in 2012, and the agreement is a key element in preparing for, and the commencement of the subsequent planned Phase I clinical trials.
"Progenitor Cell Therapy is the perfect partner for Islet Sciences as it embarks on developing a practical and effective treatment for Type I diabetes," said John Steel, CEO of Islet Sciences. "With over thirteen years invested in research and development, we are confident in our science and our approach, and prepared to move to the next level. Progenitor's expertise and well-earned reputation for quality in supporting cell therapy services will be critical to our success."
"The American Diabetes Association estimates that in the US alone, over 8%, or 25.8 million people have diabetes, with 1.9 million new cases reported in 2010," said Robin L. Smith, MD, MBA, Chairman and Chief Executive Officer of NeoStem, Inc. "Providing our full range of services toward the development and commercialization of such a novel treatment to meet this large and growing unmet medical need, is certainly an exciting project and a great opportunity for Progenitor Cell Therapy."
On January 6, 2012, Islet Sciences filed a Current Report on Form 8-K with the Securities and Exchange Commission announcing the closing of the merger of Islet Sciences, Inc. with a subsidiary of One E-Commerce Corporation, a Nevada Corporation.
About Progenitor Cell Therapy
Progenitor Cell Therapy (PCT) provides client-based cell therapy services that support the development and commercialization of cellular therapies. PCT provides cGMP-compliant cell manufacturing and consulting services that address regulatory, financial, technical, process, and quality system strategies. Services include a full spectrum of support and consulting related to process and product development, validation, due diligence evaluations, tissue collection, processing, and storage, product manufacturing, distribution and transportation.
About NeoStem, Inc.
