EATONTOWN, N.J., Nov. 14, 2013 (GLOBE NEWSWIRE) -- American CryoStem Corporation (OTCQB:CRYO), a leading strategic developer, marketer and global licensor of patented adipose tissue-based cellular technologies for the Regenerative and Personalized Medicine industries, today announced the formation of Autogenesis Corporation ("Autogenesis") as part of its collaborative agreement to develop wound healing products and other cellular therapies with privately-held Protein Genomics (PGen).
Owned 50/50 by the Companies, Autogenesis will serve as a dedicated business unit focused on continuing and accelerating the research and development of innovative new products and biotechnologies that combine American CryoStem's ATcells™ (adipose derived regenerative cells) and ACSelerate™ cell media culture products with PGen's Elastatropin® human-based protein materials.
Dr. Burt Ensley, CEO of Protein Genomics stated, "Elastatropin is created from human protein and, when combined with ATcells, has some unique properties that make it ideally suited for the development of topical cellular products. Based on PGen and American CryoStem's collective research and development efforts to date, we believe that our work could lead to a significant body of new intellectual property and a whole host of promising new applications in the field of Regenerative Medicine. We are very pleased that our relationship with American CryoStem continues to evolve and strengthen, and are optimistic that the formation of Autogenesis will allow us to support and accelerate the required clinical work necessary to advance new products through the FDA review and approval process."
Pursuant to the previously announced Memorandum of Understanding entered into by American CryoStem and PGen in September 2012, and having successfully met certain defined clinical milestones, both companies have agreed to form Autogenesis, an entity to which each have licensed their respective technologies. From this point forward, Autogenesis will be responsible for perpetuating research and development of all prospective new products and technologies – and retain ownership of any future intellectual property – which results from the combination of ATcells, ACSelerate and Elastatropin.
"The advancement of our collaboration with PGen is a significant step forward for American CryoStem and represents an exciting value creation event for our shareholders. Autogenesis should serve as an effective, independent vehicle for accessing the funding necessary to support Autogenesis' next phase of clinical development work and any related collaborations with university and private research facilities that may be beneficial to the project," noted John Arnone, CEO of American CryoStem.
Continuing, Arnone added, "We expect that Autogenesis will prove to be a strong, replicable business model for our Company with respect to future development projects involving the teaming of our core intellectual property and products with other biotechnology, products, companies and research organizations. Moreover, we believe that this is a highly efficient approach to enhancing shareholder value while widening the scope of opportunities for us to fully optimize our intellectual property, core products and laboratory expertise in a less dilutive manner."
About Protein Genomics, Inc.
Protein Genomics is led by Dr. Burt Ensley, an Amgen alumni, and former Board member of the National Science Foundation's BIO Directorate. Dr. Ensley holds 19 issued patents in molecular biology. Protein Genomics produces refined biomaterials using gene synthesis, engineering design and fermentation manufacturing. He is currently on the adjunct faculties of the University of Arizona and Northern Arizona University, and serves as Chairman and CEO of Dermaplus, Inc.
About American CryoStem Corporation
A pioneer in the fields of Regenerative and Personalized Medicine, American CryoStem Corporation is engaged in building a worldwide network of state-of-the-art clinical laboratories dedicated to processing, commercial bio-banking and manufacturing cellular applications using autologous adipose (fat) tissue and Adipose-Derived Regenerative Cells (ADRCs). The Company maintains a strong, strategic portfolio of intellectual property, patent applications and proprietary operating procedural processes that form its Adipose Tissue Processing Platform, which in turn, supports the growing pipeline of biologic products and processes, clinical services and international licensing opportunities. More specifically, this platform enables the cryopreservation of an individual's adipose tissue which when needed can be further clinically processed into Stromal Vascular Fraction (SVF), which contains ADRCs, other regenerative cells, including white blood cells, endothelial cells, smooth muscle cells, pericytes, fibroblasts and pre-adipocytes, among others. Through its ACS Laboratories division, the Company operates its flagship FDA registered, cGMP compliant human tissue processing, cryo-storage and cell culture and differentiation media development facility in Mount Laurel, New Jersey.
Forward Looking Statements
This press release may contain forward-looking statements, including information about management's view of American CryoStem Corporation's ("the Company") future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this press release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of the Company, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on the Company's future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by American CryoStem Corporation.
CONTACT: Hanover|Elite Kathy Addison, Chief Operating Officer 407-585-1080 or via email at CRYO@hanoverelite.comSource:American CryoStem Corp.