Medgenics, Inc. Appointed Lord Steinberg Non-Executive Director
February 01 2008 - 11:51AM
Business Wire
Medgenics (AIM: MEDG), the US incorporated biopharmaceutical
company that was admitted to AIM in December 2007, is pleased to
announce the appointment of Lord Steinberg to the Company�s Board,
as a non-executive director with immediate effect. A Life Peer and
active member of the House of Lords in the United Kingdom, Lord
Steinberg is the founder, former Chairman and Life President of
Genting Stanley plc (formerly Stanley Leisure plc). Stanley Leisure
plc was acquired for a consideration of �639 million in 2006 by
Genting International Investment (UK) Ltd, part of the Malaysian
group Genting Berhad which is listed on the Singapore Exchange. At
the time of the acquisition Stanley Leisure plc was the largest
casino operator in the UK, owning 45 casinos, 4 in London and 41
throughout the rest of the UK. In 1997 and 1998 Lord Steinberg
received awards for North West Business Person of the Year. In July
1999 he was awarded an Honorary Doctorate by the University of
Salford. He also sits on many charitable committees including
Crimestoppers Trust. Commenting on the appointment, Medgenics� CEO,
Dr. Andrew Pearlman said: �Following Medgenics� successful
admission to AIM last month, I am delighted to be able to welcome
Lord Steinberg to the Board. He is one of the UK�s most successful
and respected businessmen, with substantial experience of the UK
stock market. The fact that he has chosen to join the Board of
directors of the Company offers great support to Medgenics�
technology, business and overall market opportunity. I and the rest
of the Board look forward to the valuable contribution he will make
to the Company.� FORMAL DISCLOSURE The Company makes the following
formal disclosure in connection with the above�mentioned
appointment: Full name: Lord Leonard Steinberg Age: 71
Directorships or partnerships current or held in the previous 5
years: � Current Directorships � Appointed � � � Wilbraham Road
(Manchester) Trust Limited � 23 September 2002 Crimestoppers Trust
� 18 May 2005 L Sports Investments Limited � 23 May 2007 StanleyBet
Holdings Limited � 30 July 2007 StanleyBet Overseas Investments
Limited � 30 August 2007 Past Directorships Resigned � � British
Casino Association Limited 17 September 2006 Genting Stanley Plc 31
December 2006 Stanley Casinos Limited 10 September 2003 Wilstan
Racing Limited 10 September 2003 Star TYP Investments Limited 13
November 2007 * Livermore Investments Group Limited ** 31 October
2006 � (a) date of dissolution of the company - Star TYP
Investments Limited did not trade and was struck off pursuant to an
application from the company and dissolved on 13 November 2007 (b)
a British Virgin Islands company traded on AIM, formerly Empire
Online Limited Save as disclosed above, there is no other
information required to be disclosed under Schedule 2, paragraph
(g) of the AIM Rules for Companies. Notes to Editors: Medgenics was
admitted to AIM on 4 December 2007. The Admission to AIM followed
the Company�s successful fund raising with investors, which raised
a total of �3.28 million. The group�s research & development
and administrative operations are conducted by Medgenics Medical
(Israel) Limited, the Company�s wholly owned subsidiary, from
premises in Karmiel, Israel (together the �Group�). The Group is at
the clinical trial stage of testing the safety and efficacy of its
proprietary �biological pump�, the �Biopump� and associated
technologies (together the �Biopump Platform Technology�). The
Biopump is made from a toothpick-sized sample of the patients� own
skin dermal tissue, which is processed outside the body and
reimplanted subcutaneously 1-2 weeks later. The Biopump enables
patients to produce, on a long-term basis, their own natural human
protein therapy. The Biopump is targeted at a range of chronic
diseases, including anaemia and hepatitis C. Biopumps are designed
to replace costly factory-produced proteins delivered via frequent
and painful injections. These injected protein therapies can have
associated adverse side effects. The worldwide market for protein
therapy was valued at over US $51 billion in 2005 and is forecast
to reach US $87 billion by 2010. The Directors estimate that the
Biopump Platform Technology could potentially be applied to a
substantial part of this market. The Directors believe that the
Biopump Platform Technology provides a wide range of advantages
over existing therapies. These advantages should appeal to, and
offer benefits to, doctors, patients and third-party payers (e.g.
medical insurers). The Group plans to commence a Phase I/II
Clinical Trial aimed at the treatment of anaemia during the second
quarter of 2008. In 2006, Erythropoietin (�EPO�) injections for the
treatment of anaemia generated revenues of US $11.9 billion. The
Company expects to obtain key initial safety and proof of efficacy
data three-to-five months after the above trial commences.
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