18th Dec 2006 07:01
Stem Cell Sciences plc18 December 2006 Embargoed until 07.00 18 December 2006 Board Changes at Stem Cell Sciences plc ("Stem Cell Sciences", "SCS" or "the Group") Stem Cell Sciences plc (AIM:STEM), the global biotechnology company focused onthe commercialisation of stem cells and stem cell technologies in research andnovel cell-based therapies, today announces that David A. Dodd is to becomeNon-Executive Chairman with Michael Dexter stepping down to become aNon-Executive Director effective 1st January 2007. Mr Dodd, who joined the Group as a Non-Executive Director in October 2006, hassignificant commercial and corporate life sciences experience having held anumber of executive positions with companies such as Serologicals Corporation,Solvay Pharmaceuticals, Wyeth, Bristol-Myers Squibb and Abbott Laboratories. Dr Dexter, who joined the Group as Chairman in 2003, has played a key role inthe evolution of SCS over the past three years but feels that the time is rightto make way for someone with more commercial experience of the market place inwhich the Group is positioning itself. Commenting on the transition, Dr Dexter said: "I have greatly enjoyed my time as Chairman of Stem Cell Sciences and, over thepast three years, I have had the privilege of working alongside an excellent management team to ensure that SCS has a sound scientific base from which to build and progress. The appointments throughout 2006 of Jeremy Scudamore andDavid Dodd have further strengthened our Non-Executive Board and have brought awealth of industry and commercial experience to the Group. However, I feel that, at this strategic juncture, the Group will be better served by a Chairmanwho has a more intimate knowledge of the commercialisation process involved inthe biotechnology environment. The Board has unanimously agreed that David meetsthis criteria and I wish him every success in the role of Chairman." Commenting on his appointment to Chairman, David Dodd said: "Since joining SCS in October 2006 I have been impressed with the dedication andcommitment of everyone at the Group and am excited at what the future holds. Thestem cell industry is undergoing significant change and it is mine and theBoard's aim to ensure that Stem Cell Sciences plc is at the forefront ofcontinued advances within the sector, providing high value products and serviceswhile enhancing the value of the Company for investors, customers andemployees." Stem Cell Sciences continue to pursue the option of a dual listing on theAustralian Exchange and will update the market on how this is progressing in duecourse. - Ends - For further information, please contact: Stem Cell Sciences plcPeter Mountford, President and CEO 0131 662 9829Hugh Ilyine, Vice President and Chief Operating OfficerSue Furber, Director of Finance & Company Secretary Weber Shandwick | Square MileLouise Robson or James White 020 7067 0700 Notes to EditorsStem Cell Sciences plc (SCS, AIM: STEM) is a global biotechnology company,established in Melbourne, Australia in 1994, providing products in theburgeoning stem cell research and drug discovery markets, in addition to thetargeted development of cell-based therapies for neurodegenerative disease andinjury. The Company has established a leading intellectual property (IP) and technologyportfolio that enables the commercial application of stem cells in drugdiscovery, providing the Company with early-stage revenue streams and technologydevelopment for at scale cell production of SCS cell-based therapeutics. SCSprincipal focus is in neurological disease. Revenues in the neurotech market,including pharmaceuticals, devices and diagnostics, grew 10% in 2005 to US$110billion (Neurotech Insights, Volume 2/3 April 30 2006). SCS operates as a group of independent operations with laboratories in Scotland,Japan and Australia, each of which is affiliated with an academic centre ofexcellence. These include the Institute of Stem Cell Research (ISCR), Edinburgh,UK, RIKEN Centre for Development Biology, Kobe, Japan and the Australian StemCell Centre, Melbourne, Australia. SCS has four business units focused on key sustainable business strategies. SC Proven(R) provides cell culture media (liquid formulations) and reagents thatenable the growth and differentiation of stem cells. The first commerciallyavailable product, a novel, serum free, stem cell growth medium, has beenexclusively licensed for manufacture and marketing to Chemicon, part ofMillipore Corporation. SC Licensing licenses SCS proprietary technologies, such as Internal RibosomeEntry Site (IRES) and Stem Cell Selection, for application in laboratory-basedresearch and discovery. SCS has licensed technology to major pharmaceutical andbiotechnology companies including Pfizer, Sanofi Aventis, GSK, Deltagen Inc andLexicon Genetics Inc. SC Services provides specialised stem cell production for basic research anddrug discovery, including high-throughput applications. SC Therapies' goal is to develop safe and effective cell-based therapies forcurrently incurable diseases. SCS is conducting preclinical evaluations of itsneural stem cell lines in a number of therapeutic applications. The firstpreclinical programme is being undertaken by SCS' Japanese affiliate, whichrecently announced the exclusive licensing of human multi-potent adipose-derivedstem (hMADS) cells for therapeutic purposes. SCS KK will conduct preclinicalstudies for the treatment of Duchenne Muscular Dystrophy in 2007-8. For further information on the company please visit:www.stemcellsciences.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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