NEW YORK, June 27, 2013 /PRNewswire/ -- Islet Sciences, Inc., (OTC.BB: ISLT) a biotechnology company engaged in the research, development and commercialization of patented technologies for people with diabetes, announced today that Dr. Jonathan Lakey, Associate Professor of Surgery and Biomedical Engineering at the University of California Irvine and Chief Scientific Officer and Chairman of the Scientific Advisory Board of Islet Sciences, has received $1.27 million in grant funding from the JDRF to develop innovative methods to treat and possibly cure type 1 diabetes. Dr. Jerry Nadler, Dr. Elliot Botvinick and Dr. Paul Johnson, co-investigators in the JDRF grant, are also members of the Company's Scientific Advisory Board.
With $1.27 million in funding over three years, Dr. Lakey will move forward to create a method to transplant encapsulated pancreatic islets that are not rejected by the body. Additionally, the grant funding will enable the company to collect additional information to support its pending IND to the FDA to support clinical trials. In previous research, Dr. Lakey exemplified that transplanting encapsulated islets can produce and secrete insulin. The team will work to better understand the challenges of moving this technology into patients with type 1 diabetes.
The Lakey team which includes researchers and products from Danish pharmaceutical maker Novo Nordisk, Oxford University, University of Groningen in the Netherlands and Eastern Virginia Medical School, will explore the use of isolated islets in which the cells are encapsulated in ultra-pure algae membrane.
"Perhaps the greatest need in the field of islet transplantation is to make the metabolic benefits available to patients with type 1 diabetes, without the need for chronic immunosuppression," said Dr. Lakey, who is also the director of the Clinical Islet Program at University of California Irvine Health. "I believe that this technology has great promise for realizing our goal and this welcome support from JDRF should speed our progress."
"Clearly the receipt of this grant will help our company execute our ongoing initiatives and is a huge vote of confidence from such a well known organization," said John Steel, Chairman and CEO of Islet Sciences. "As we continue to make progress with our diabetes therapies, this grant is a true testament to the value of our therapies which represents such a large market opportunity for Islet Sciences. Our approach to the treatment of diabetes is what attracted this world-renowned institution as we capitalize on the growing opportunities in this field. We look forward to announcing additional milestones in the coming months."
About Islet Sciences, Inc.
Islet Sciences is a development-stage biotechnology company with patented technologies focused on infusion therapy for people with insulin-dependent diabetes. The Company's infusion technology includes methods for the culturing, isolation, maturation, and immunoprotection (microencapsulation) of islet cells. The Company's mission includes the introduction of commercial products relevant to the insulin dependent diabetes marketplace including diagnostics and anti-inflammatory compounds. For more information: www.isletsciences.com
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements for Islet Sciences reflect current expectations, as of the date of this press release, and involve certain risks and uncertainties. Actual results could differ materially from those anticipated in these forward- looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the risks described in the Islet Science's reports filed with the Securities and Exchange Commission. The companies' further development is highly dependent on future medical and research developments and market acceptance, which is outside their control.
SOURCE Islet Sciences, Inc.