MultiCell Technologies Inc (MCET)

[J-Rhino]

***Important Repost***

Nina4900 Member Profile Nina4900 Member Level Share Thursday, August 26, 2010 7:41:36 PM
Re: None Post # of 2450
Just listened in on today's special shareholders meeting chaired by Jerry Newmin. All proposals passed, and more shares were authorized for LaJolla Cove funding and employee/other incentive deals. Jerry said La Jolla has provided $2-1/2 mil of the $10 mil they promised.

Really sounds to me like they have a solid plan underway to survive in these hard times for finding funding, until they see about the hopeful awarding of grants, financing deals, and getting MCT-125 through trials so they can sell it and move on to many more candidates.

Jerry's highlights:

* He reviewed the various patents awarded
* They hired the clinical group for MCT-125 trials in the UK
* Work with Maxim Biotech is progressing, and they expect to roll out product by end of this year
* Continuing use of the cells for more research
* Special mention of the 3 cancer drug candidates - I'm glad these are back on front burner
* Market cap has been up, daily trading volume up
* Applied for 4 grants, 3 cancer drugs and the MCT-125, that would fill "large unmet needs" - "Grants would give us the ability to proceed without more dilution." This is great if they can get them. Jerry said they expect to find out later this year.
* New website is up
* Jerry discussed expenses, but all I had notes on were the monies spent to protect intellectual property, can't remember the rest, but we know they are very conservative and targeted about spending only the most necessary money.
* Debt is down, cash position is up
* They are launching an e-commerce website by 4Q '10 or 1Q '11 to sell products and generate revenue. This was exciting to hear. Initially it will be done with Maxim Biosciences and offer products for drug target discovery. They will focus on oncology related product.
* Jerry said "We're looking good for the future." I think so, as this sounds like a new MCET moving out on several fronts to find revenue while they get the job done.

Questions:
* An email question asked about time frames and path to FDA approval and Jerry offered the quote, "10 years a $1 billion to get one drug to market." He said MCT-125 has Phase llb data, so it's further along, and they will concentrate on this. He said 2-5 years to do this in UK. One of the other board members said expect 5 years at the earliest once they are funded, to see if successful and ask for approval. (I thought it would be 2-3 years, so personally disappointed at that update, but I know they don't want to be overly optimistic publicly.) It was mentioned by Jerry or one of the other board member that they already have MHRA (Medicines and Healthcare Products Regulatory Agency) approval in the UK so they can go ahead. That was good news. They are still looking for partners.
* A caller asked about whether they were still considering ventures or a buyout to expand potential and the board member said he could not talk about it but they are always looking. That was interesting...
* Caller asked for more info on the products - rental or sale? - and board member said all consumable life science reagent tool kits. Maybe in future go with something like instrument company with leasing basis. But they are obviously focusing on all the constant consumable product they can hustle. He said the are developing "recurring revenue streams and new streams with Maxim Bioscience and others." I like the addition of "others" smile. He used the term "synergistic products."
(I would suggest looking at what Dr. Chang did with Stemgent, his company, and you can see where I think he's heading MCET, while they work diligently for funding and keep up the research. Just Google the company and you'll get the picture: http://www.stemgent.com/commerce/pages/home ,
http://www.xconomy.com/boston/2009/03/09/stemgent-nails-down-14m-to-make-supplies-tools-for-stem-cell-researchers/ ,
http://www.masshightech.com/stories/2010/05/17/daily5-Stem-cell-RD-firm-Stemgent-takes-in-56M.html ,
http://www.businesswire.com/news/home/20100415006837/en/Stemgent-Pfizer-Announce-Collaboration

No more questions so the meeting was over quickly.

Perhaps some sort of meeting notes will appear via IR soon. I know I probably missed some info, so maybe someone else here recorded the meeting and can fill in.

All in all I'm pleased, and will keep digging in the couch for funds to buy as I can. This company continues to show amazing determination to survive and push forward. They keep dotting i's and crossing t's. It's gone on a lot longer than I ever imagined, having started accumulating stock in 2001, but I will look forward to watching MCET develop along this new and broader path to success.

GLTA
Nina