MultiCell Technologies Announces Licensing Agreement Between Bristol-Myers Squibb and MultiCell's Licensee, Xenotech, LLC
Monday May 23, 8:31 am ET
LINCOLN, R.I.--(BUSINESS WIRE)--May 23, 2005--MultiCell Technologies, Inc. (OTCBB: MCET - News), a leading supplier of immortalized non-tumorigenic human hepatocytes as pharmaceutical candidate optimization tools announced today that its licensee, XenoTech, LLC, executed a three-year use and propagation agreement with pharmaceutical company Bristol-Myers Squibb (NYSE: BMY - News). Financial terms were not disclosed.
This contract, the first from a major US pharmaceutical company, allows Bristol-Myers Squibb to grow and use MultiCell's immortalized Fa2N-4 hepatocytes for internal testing purposes. MultiCell's patented immortalized non-tumorigenic human hepatocytes are valuable screening tools for pharmaceutical lead candidate optimization.
"This agreement represents an important validation of the value of our non-tumorigenic human hepatocytes in the drug development process," said Dr. Stephen Chang, MultiCell's President. "Pharmaceutical companies have been buying our cells under evaluation licenses to test the usefulness of our cell lines for their particular drug discovery applications. We expect that as use of MultiCell's functional immortalized hepatocytes in testing drug candidates increases, we will help the industry lower drug development costs and ultimately help protect the public from the possible dangers of recalled drugs."
"Signing the first major U.S. contract with one of the top US pharmaceutical corporations is an encouraging step toward routine industry use of the Fa2N-4 cells for drug development purposes," said Dr. Andrew Parkinson, XenoTech's CEO.
MultiCell's non-tumorigenic functional hepatic (liver) cells and cell lines are useful to pharmaceutical companies for induction studies and toxicity screening for drug discovery because hepatocytes express drug-metabolizing enzymes which bio-transform drugs or substances ingested into the body, helping indicate possible reactions to the human liver. Drug failures or FDA rejections due to hepatotoxicity and/or drug-drug interactions now cost the pharmaceutical industry about $2 billion each year. Estimated costs to develop and test a new medicine are $900 million. MultiCell's cellular product expertise also enables production of biologics for diagnostic and therapeutic applications, production of liver-derived therapeutic proteins and human liver stem cells. The Company's majority-owned Xenogenics subsidiary owns all rights to the patented Sybiol(TM) synthetic bio-liver device. MultiCell's immortalized hepatocytes operate optimally with any working bio-liver device. The Company believes that such devices could extend the lives of patients waiting for liver transplants, and be a treatment option for chronic liver disease. MultiCell also has patents on adult liver stem cells.
For more information about MultiCell and its Xenogenics subsidiary, call (401) 333-0610 or see multicelltech.com. MultiCell's new laboratories are at 701 George Washington Highway, Lincoln, Rhode Island 02865. For pricing and delivery information for non-tumorigenic immortalized human hepatocytes in 6- to 96-well plates or vials, contact MultiCell's marketing and manufacturing licensee, XenoTech, LLC of Lenexa, Kansas, at (913) GET-P450.
Caution Regarding Forward-Looking Statements
Any statements in this press release about MultiCell's expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as "believe," "will," "expect," "anticipate," "estimate," "intend," "plan," and "would." For example, statements concerning expected increases in use of MultiCell's functional immortalized hepatocytes and the use of liver assist devices are forward-looking statements. Forward-looking statements are not guarantees of performance. They involve known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by any forward-looking statement. Some of the risks, uncertainties and assumptions that could cause actual results to differ materially from estimates or projections in the forward-looking statement include, but are not limited to, the risk that the market for our products will not grow as expected, and the risk that our products will not lower drug development costs. For additional information about risks and uncertainties we face, see documents we file with the SEC, including our Report on Form 10-KSB for the fiscal year ended November 30, 2004 and all our quarterly and other periodic filings made with the SEC. MultiCell assumes no obligation and expressly disclaims any duty to update any forward-looking statement to reflect events or circumstances after the date of this news release or to reflect the occurrence of subsequent events.
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Contact:
MultiCell Technologies, Inc.
Jerry Newmin, 401-333-0610
or
CEOcast, Inc. for MultiCell
Ed Lewis, 212-732-4300
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Source: MultiCell Technologies, Inc.
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