MultiCell Moves to Larger Facilities to Support Expanding Research Programs
Wednesday April 13, 8:30 am ET
SAN DIEGO--(BUSINESS WIRE)--April 13, 2005--MultiCell Technologies (OTCBB: MUCL - News) announced today that it will relocate its offices and laboratory into larger, more modern facilities on April 15th. The new space will significantly upgrade the Company's research capabilities and bring research functions in-house that are now sourced elsewhere.
"We are expanding a number of existing research programs and developing new innovative cell-based technologies for liver support and liver tissue regeneration, " said Ron Faris, Senior Vice President and CSO. "Our new laboratories will enable us to keep pace with industry growth and expand the scope of work. We were fortunate to find this excellent space in Rhode Island."
This expansion, which will occupy one-half of one floor in this large research building, will expedite developing liver cell-based products for commercial and therapeutic applications, and commercial production of its immortalized hepatic cell lines and therapeutic protein products and technology.
The Company has signed a three-year lease with CytoTherapies, Inc., now StemCell, Inc., who vacated this location when it relocated to California. "This is first class lab space ideally suited to our research activities. There is no comparable space available in Rhode Island. We can now upgrade our equipment and conduct research activities we were purchasing from vendors and/or other research institutions. Consistent with the Company's conservative fiscal policies, we are pleased to be moving to a much improved research facility at a nominal per square foot increase," stated Janice DiPietro, Ph.D., Chief Financial Officer.
The new, modern space is in Lincoln, Rhode Island, approximately 23 miles from the current office. "The economic environment in Rhode Island is conducive to business growth and will keep us close to our East Coast pharmaceutical customers and partners. The expected demand for MultiCell's forthcoming products will require additional technical capability. With new laboratory space, MultiCell is better able to advance our existing immortalized cells, expand our technologies for cell-based therapeutic protein development, and continue research and development of adult liver stem cells and our patented Sybiol TM synthetic bio-liver device." Dr. Faris added.
MultiCell Technologies develops liver cell-based products for commercial and therapeutic applications. MultiCell's immortalized human liver cells for drug discovery, toxicology and pharmacogenomic studies may offer pharmaceutical companies a more effective alternative to the primary animal cells widely used for these studies today. MultiCell also has novel strategies for isolation of adult human liver stem cells, on which they hold a patent. MultiCell believes our stem cell techniques offer us a unique position within the cell therapy market. Since stem cells will be obtained from adult tissues, our methodology avoids the ethical and contamination issues often associated with embryonic stem cells. The company plans increased emphasis on stem cell research and development in 2005.
The new address is 701 George Washington Highway, Lincoln, Rhode Island 02865.
For information about MultiCell call 401-738-7560, see www.multicelltech.com or email muclinvestor@aol.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.
Contact: MultiCell Technologies, Inc.
Jerry Newmin, 401-738-7560
or
CEOcast, Inc. for MutiCell Technologies
Ed Lewis, 212-732-4300 ext. 225
Source: MultiCell Technologies, Inc.
biz.yahoo.com |
