ONCE more news today!:
ALLENDALE, N.J., Jan. 12, 2012 /PRNewswire via COMTEX/ -- NeoStem's cell therapy manufacturing division, Progenitor Cell Therapy ("PCT"), a NeoStem, Inc. company (NYSE Amex: NBS) ("NeoStem" or the "Company"), announced today an agreement whereby PCT will provide contract manufacturing and regulatory services related to the development of Islet Sciences - PTM, which will be an injectable suspension of microencapsulated insulin-producing, pancreatic islet cells which are harvested from designated pathogen free pigs. As part of this arrangement, PCT will perform microencapsulation for parsing beta pancreatic islets for xenotransplantation using piglet pancreata. Islet Sciences, Inc. ("Islet") is a biotechnology company engaged in the research, development and commercialization of patented technologies in the field of transplantation therapy for patients with diabetes and is a wholly-owned subsidiary of One E-Commerce Corporation (OTCBB: ONCE).
A 2010 study by the CDC found that approximately 25.8 million Americans, more than 8% of the population, were affected by diabetes. 5% of this number, approximately 1.3 million, have type 1 diabetes. Type 1 diabetes is estimated to cost the US $14.4 billion total annually.
"Given the robust market opportunity and the potential for cell therapy to alter the disease paradigm, NeoStem has agreed to this novel arrangement whereby PCT will subsidize manufacturing margin related to current services for Islet Sciences - PTM product in exchange for royalties on future sales, exclusive manufacturing rights for both clinical trial and commercial manufacturing and an equity stake in Islet's parent. We recognize that PCT's track record of developing cell therapies cost efficiently for cell therapy companies makes this a truly compelling opportunity in the industry," said John Steel, CEO of Islet Sciences.
"Our team looks forward to applying its process and assay expertise, in partnership with the scientific expertise of Dr. Jonathan Lakey, scientific advisor to Islet, and his team, towards the development of this novel and creative cellular therapeutic for the treatment of type 1 diabetes," said Robert A. Preti, PhD, President of PCT. "We are honored that Islet Sciences has enlisted PCT to provide manufacturing and development support as it advances this important product through clinical development."
Dr. Robin L. Smith, Chairman and CEO of NeoStem, added, "We are excited to begin using our manufacturing currency at PCT to support important technologies with promise by providing manufacturing and regulatory support at a reduced profit margin in exchange for participation in future royalties, equity as well as a commitment for clinical trial and commercial manufacturing exclusivity."
About Type 1 Diabetes
According to the American Diabetes Association, type 1 diabetes, previously called insulin-dependent diabetes mellitus (IDDM) or juvenile diabetes, is an autoimmune disease characterized by insulin deficiency resulting from destruction of beta-cells in the pancreas, ultimately resulting in the body's inability to convert consumed sugar and starches into energy. This form of diabetes usually affects children and young adults, but it can occur at any age. Although insulin therapy and other treatments can be used to manage the condition, the condition is currently incurable.
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