MultiCell Technologies Appoints Stephen Chang, Ph.D. as President
Monday February 14, 9:18 am ET
SAN DIEGO--(BUSINESS WIRE)--Feb. 14, 2005--MultiCell Technologies, Inc. (OTCBB:MUCL - News),the leading supplier of functional non-tumorigenic immortalized human hepatocytes, announced today that it has appointed Stephen Chang, Ph.D. as President. In this role, Dr. Chang will spearhead the development of products based on the Company's immortalized liver cell technology, including stem cells and other products.
"I am delighted to welcome such an experienced pharmaceutical executive to MultiCell," said Jerry Newmin, Co-Chairman and Chief Executive Officer "Dr. Chang has the ideal expertise to round out MultiCell's management team," said Newmin, continuing "His primary focus will be converting technology into products that fill market needs, assessing market opportunities, and evaluating synergies in our strategic alliances and acquisitions. He brings strong experience to MultiCell as the former CSO/VP of Canji/Schering Plough Research Institute, and has exhibited extraordinary entrepreneurial expertise. Dr. Chang will also be instrumental in re-focusing MultiCell on development of therapeutic products and entry into the stem cell market. We feel fortunate to have captured Dr. Chang's interest and commitment in advancing MultiCell."
Dr. Chang is currently CEO of privately held Astral Therapeutics, a San Diego biotechnology company developing novel therapies for diabetes and other autoimmune diseases. Dr Chang is also President of CURES (www.curescalifornia.org) a coalition of patient advocates, biotechnology companies, pharmaceutical companies and venture capitalists dedicated to ensuring the safety, research and development of innovative life saving medications. Dr Chang is also an active board member of BIOCOM, San Diego's premier life sciences organization.
Dr. Chang was chief science officer and vice president of Canji Inc./Schering Plough Research Institute in San Diego from 1998 to 2004, managing four large external biotech corporate partnerships with Transgene, Myriad Genetics, Genzyme and Immune Response. Dr. Chang's responsibility for development of a strategic plan for patents and an overall strategic plan plus representing research efforts to external corporate partners, to the FDA, and to the academic community will additionally be beneficial to MultiCell's efforts. From 1995 to 1997, Dr. Chang was director of research for Chiron Viagene, and Chiron Inc., where he headed four research departments: genetic programs, viral therapeutics and delivery, cancer therapeutics and gene transfer immunology and immunobiology. 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 more than 40 patents worldwide and is extensively published.
"After reviewing the science and market opportunity, I believe that the time is right to join MultiCell and help transform its patent portfolio into life saving products," said Dr. Chang. "With our recently strengthened balance sheet, the company now has the financial as well as scientific capability to develop promising therapies."
MultiCell is developing novel strategies for isolation of adult human liver stem cells, on which they hold a patent. Liver stem cells may play a key role in transplantation for tissue regeneration as well as other diagnostic and therapeutic applications. The use of liver stem cells to treat diseases, such as Hepatitis C, may greatly enhance quality of life and obviate the need for costly whole organ liver transplantation. MultiCell believes our stem cell technologies offer us a unique position within the cell therapy market. Since stem cells will be obtained from adult tissues, our methodology also avoids the ethical issues often associated with embryonic stem cells.
MultiCell is at 55 Access Road, Suite 700, in Warwick, Rhode Island. For information about MultiCell call 401-738-7560 or see www.multicelltech.com.
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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Contact:
MultiCell Technologies, Inc.
Jerry Newmin, 401-738-7560
or
CEOcast, Inc. for MultiCell
Ed Lewis, 212-732-4300 x225
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Source: MultiCell Technologies, Inc.
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