Stem Cell Therapeutics Corp. Announces the Appointment of Mr. David Allan as Executive Chairman and Dr. Henry Friesen as a Me...
June 28 2011 - 6:58PM
Marketwired
Stem Cell Therapeutics Corp (TSX VENTURE: SSS) today announced the
appointment of Mr. David Allan as Executive Chairman of the
Corporation to take immediate effect. Mr. Allan will be a member of
the Board of Directors of the Corporation and be responsible for
the company's operations.
"Stem Cell Therapeutics is one of only two public companies in
Canada, to my knowledge, in the stem cell/regenerative arena, an
arena that has a crying need for capital" said David Allan. "With
its roots based in the exceptional science of the discoveries of
Dr. Samuel Weiss I believe that SCT is poised to become an
important factor in translating stem cell research into medicines
in this country and internationally. In an area as dynamic as stem
cell research, into which enormous quantities of taxpayers' money
is invested, there is a limited quantity of venture capital
available for its development and an unsatisfactory number of
public receptor companies to carry the huge quantity of research
required beyond the bench. While maximizing the value for
shareholders of Dr. Weiss' work, around which SCT was established,
I intend to lead this company to becoming one of the premier
development vehicles for stem cell/regenerative medicine research.
In Ontario alone this past week was the announcement of the
formation of the Centre for Commercialization of Regenerative
Medicine extending the Rob and Cheryl McEwen founding of the
Centre. Following this the McEwens established another initiative
in this critical field with the "Stem Cell City" website. These
events confirm the enormous need for development capabilities in
the life sciences - and particularly for stem cell/regenerative
medicine research for which there are no public receptor companies
in this nation."
Dr. Weiss is a Professor at and the Director of the Hotchkiss
Brain Institute and Alberta Heritage Foundation for Medical
Research Scientist in the Departments of Cell Biology & Anatomy
and Pharmacology & Therapeutics at the University of Calgary,
Faculty of Medicine. He was a recipient in 2008 of the Canada
Gairdner Award for his seminal discovery of adult neural stem cells
in the mammalian brain and its importance in nerve cell
regeneration.
Stem Cell Therapeutics is also pleased to announce the
appointment of Dr. Henry Friesen to the Board of Directors. In
addition to having been the Chairman of the Gairdner Foundation
Board, Dr. Friesen had previously been recognized for his discovery
of human prolactin, a hormone that Dr. Weiss has subsequently made
a cornerstone of his approach to therapy for multiple sclerosis,
one of the important areas of development at SCT. Dr. Friesen, was
the President of the Canadian Government's Medical Research
Council, and the architect and lead champion for the creation the
Canadian Institutes for Health Research, President of the National
Cancer Institute of Canada and President of the Canadian Society
for Clinical Investigation. He is the Past Founding Chair of Genome
Canada. A Fellow of the Royal Society of Canada, Dr. Friesen was
named a Companion of the Order of Canada and was inducted into the
Canadian Medical Hall of Fame in 2001 and, later the Order of
Manitoba. He was also awarded the Gairdner Foundation Wightman
Award; the McLaughlin Medal of the Royal Society of Canada; and the
Koch Medal: the highest award of the Endocrine Society. He was
presented with the Frederic Newton Gisborne Starr Award by the
Canadian Medical Association, the association's highest award, in
2006. Dr. Friesen also holds eight Honorary Doctorates from
Canadian universities
"Mr. Allan has demonstrated a remarkable talent for resilience
while leading an internationally-listed biotech company for the
past 13 years and for his capacity to have molecules in development
advanced along the clinical pathway, raise capital and acquire
companies", said Mr. Dean Peterson, Chairman of SCT. "We
enthusiastically anticipate that these demonstrated capabilities
will lead SCT along a vigorous development pathway for its
portfolio and further expand its interests into the prospectively
enormous field of the development of products from stem cell
research."
Mr. Allan has been Chairman of the Board of YM BioSciences Inc.
since its incorporation in 1994 and served as its Chief Executive
Officer from 1998 to November 2010. He is a board member of a
number of public and private companies primarily in the life
sciences and is lead director at DiaMedica Inc.
He is a former member of the Awards Selection Committee for the
Networks of Centers of Excellence in Canada, Governor of The
Toronto Stock Exchange and founding and sunset Chair of the Toronto
Stock Exchange Market Access Implementation Committee that created
access for small and medium-sized enterprises to Canada's principal
capital market. He has been a member, and working group Chair, of
the Ontario Biotechnology Advisory Board and is currently a member
of BioteCanada's Emerging Companies Advisory Board and of the Board
of Directors of Life Sciences Ontario, the industry
organizations.
Stem Cell Therapeutics also wishes to announce the issuance of
stock options to Messrs. Allan and Friesen. SCT has issued an
aggregate of 4,350,000 options to purchase common shares of the
company at an exercise price of C$0.10 per share. The options
granted to Mr. Allan will expire no later than June 28, 2013 and
the options granted to Dr. Friesen expire no later than June 28,
2016, in each case subject to applicable vesting provisions. These
options were awarded in accordance with the company's Stock Option
Plan.
The appointment of Messrs. Allan and Friesen to the Board of
Directors is subject to the approval of the TSX Venture
Exchange.
About Stem Cell Therapeutics Corp.: Stem Cell Therapeutics Corp.
is a public biotechnology company developing for commercialization
drug-based therapies to treat central nervous system diseases. SCT
is a leader in the development of therapies that utilize drugs to
stimulate a patient's own resident stem cells. The company's
programs aim to repair brain and nerve function lost due to disease
or injury. The company's extensive patent portfolio of owned and
licensed intellectual property supports the potential expansion
into future clinical programs in numerous neurological diseases
such as stroke, traumatic brain injury, multiple sclerosis,
Huntington's disease, Alzheimer's disease, and ALS.
These securities have not been registered under the United
States Securities Act of 1933, as amended, or the securities laws
of any state, and may not be offered or sold within the United
States or to, or for the account or benefit of U.S. persons unless
an applicable exemption from U.S. registration requirements is
available.
Except for historical information, this press release may
contain forward-looking statements, which reflect the Company's
current expectation regarding future events. These forward-looking
statements involve risk and uncertainties, which may cause but are
not limited to, changing market conditions, the successful and
timely completion of clinical studies, the establishment of
corporate alliances, the impact of competitive products and
pricing, new product development, uncertainties related to the
regulatory approval process and other risks detailed from time to
time in the Company's ongoing quarterly and annual reporting.
These securities have not been registered under the United
States Securities Act of 1933, as amended, or the securities laws
of any state, and may not be offered or sold within the United
States or to, or for the account or benefit of U.S. persons unless
an applicable exemption from U.S. registration requirements is
available.
Except for historical information, this press release may
contain forward-looking statements, which reflect the Company's
current expectation regarding future events. These forward-looking
statements involve risk and uncertainties, which may cause but are
not limited to, changing market conditions, the successful and
timely completion of clinical studies, the establishment of
corporate alliances, the impact of competitive products and
pricing, new product development, uncertainties related to the
regulatory approval process and other risks detailed from time to
time in the Company's ongoing quarterly and annual reporting.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Stem Cell Therapeutics Corp. David Allan
dallan@stemcellthera.com Stem Cell Therapeutics Corp. Dean Peterson
dpeterson@stemcellthera.com
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