MultiCell Adds Dr. Stephen Chang to Scientific Advisory Board
WARWICK, R.I.
MultiCell Technologies Inc.
Ron Faris or Jerry Newmin, 401-738-7560
MultiCell Technologies Inc. (MultiCell) (OTCBB:EXTI) announced that Stephen Mon Wei Chang, Ph.D. has joined the company's Scientific Advisory Board.
"Dr. Chang is the most recent noted scientist to join MultiCell's Scientific Advisory Board," stated Dr. Ron Faris, chief science officer and chairman of the Scientific Advisory Board. Other members of MultiCell's SAB, announced May 25, 2004, include Sangeeta Bhatia, M.D., Ph.D; Douglas Hixson, Ph.D.; Edward T. Maggio, Ph.D.; and Andrew Parkinson, Ph.D. "Dr. Chang's extensive biopharmaceutical experience, especially in the development and management of scientific strategies and the formation of strategic alliances, augments the experience of other SAB members," added Dr. Faris.
Dr. Chang is currently CEO of Astral Therapeutics, a privately held biotechnology company. Dr. Chang was chief science officer and vice president of Canji Inc./Schering Plough Research Institute in San Diego from 1998 to 2004. While at Canji, Dr. Chang managed four large external biotech corporate partnerships with Transgene, Myriad Genetics, Genzyme and Immune Response. He was responsible for the development of a strategic plan for patents and an overall strategic plan for Canji in relationship to Schering Plough's business needs. Dr. Chang represented research efforts to his company's external corporate partners, to the FDA, to Schering Plough worldwide as well as to the academic community. From 1995 to 1997, Dr. Chang was director of research for Chiron Viagene, and Chiron Inc. where he was responsible for four research departments in genetic programs, viral therapeutics and delivery, cancer therapeutics and gene transfer immunology and immunobiology, comprising 40 researchers. From 1988 to 1995, Dr. Chang served as director, viral and genetic therapeutics and senior principal scientist for Viagene Inc. Dr. Chang earned his Doctoral degree in Biological Chemistry, Molecular Biology and Biochemistry from the University of California, Irvine. He has filed over 40 patents worldwide and has published numerous articles.
"There are several applications for MultiCell's immortalized human hepatocytes including use as a protein therapeutic manufacturing platform, toxicology screening and basic research applications. The key is to manage the intellectual property of the company for maximum shareholder value. I welcome the opportunity to participate, along with the other esteemed members of the Scientific Advisory Board, in helping MultiCell plan its exciting future," Dr. Chang stated.
As announced recently, the role of the SAB is to guide the company in its product development and strategic planning to optimize current and future business opportunities. MultiCell's first meeting of its newly enlarged Scientific Advisory Board will coincide with the Company's recently-announced Shareholders' meeting to be held June 16, 2004 in San Diego.
MultiCell Technologies Inc. provides patented, immortalized non-tumorigenic hepatic (liver) cell lines to pharmaceutical companies for drug discovery and toxicity tests. Hepatocytes metabolize or detoxify drugs or substances ingested into the body. Drug failures or FDA rejections due to hepatotoxicity and/or drug-drug interactions now cost the pharmaceutical industry around $2 billion each year. According to Tufts University's Center for Study of Drug Development, it costs $897 million to develop and test a new medicine. MultiCell is also developing cell-based toxicological and drug screening tests plus biologics for use in diagnostic and therapeutic applications for liver dysfunction and disease. MultiCell's cellular product expertise also enables production of liver-derived therapeutic proteins. Such proteins could ultimately be used to treat a number of liver related diseases such as hemophilia, primary immune deficiencies and emphysema.
MultiCell's majority-owned subsidiary, Xenogenics Corp., is developing the patented Sybiol(R) synthetic bio-liver device, which is intended to operate optimally with MultiCell's immortalized hepatocytes. Hundreds of millions of people now suffer from liver disease worldwide; treatment options, especially donor organs, remain severely limited. Treatment of liver disease by such a device has been estimated to be a $2 billion market.
MultiCell's corporate and research headquarters are located at 55 Access Road, Suite 700, Warwick RI, 02886. For more information, visit www.exten.com and www.multicelltechnologies.com, or call 401-738-7560.
Additional Information
The EXTI.OB stock ticker symbol remains the same until further notice. Assignment of a new symbol is expected as a result of the recent corporate consolidation and name change.
The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements.
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