SAN DIEGO, CA--(Marketwire - April 20, 2010) - Bio-Matrix Scientific Group Inc. (OTCBB: BMSN) today announced the elimination of an additional $1,109,309 in obligations during the quarter ended March 31, 2010. These obligations, including $251, 528 owed on loans made to BMSN by a company controlled by Chairman & CEO Dr. David Koos as well as $304,500 in accrued salaries, were satisfied through the issuance of 17,337,728 shares of common stock. Dr. Koos stated, "I believe the future of Bio-Matrix Scientific Group Inc. is bright. Our majority owned subsidiary, Entest BioMedical, Inc. is making what I believe to be great strides in developing revolutionary new therapies utilizing stem cells."
Dr. Koos also stated that "an immunotherapeutic cancer vaccine for the treatment of canine cancer being developed by BMSN's subsidiary in conjunction with Therinject, Inc. has the potential to yield revenue of $6,000,000 by the end of its first year of availability. In addition, the proposed acquisition of Medistem, Inc. by Entest would bring to the consolidated company a portfolio of products covered by 18 families of patent applications. This product portfolio includes Medistem's proprietary Endometrial Regenerative Cell (ERC), a 'universal donor' stem cell derived from the menstrual blood that possesses the ability to differentiate into nine tissue types and produce large quantities of growth factors. My personal belief is that that the current endeavors of the Company will provide value to shareholders, so I'm putting my money where my mouth is."
About Bio-Matrix Scientific Group:
Bio-Matrix Scientific Group Inc. (OTCBB: BMSN) is a biotechnology company headquartered in San Diego, Ca. with a 15,000 sq. ft. facility that houses two secure cryogenic stem cell banks, three research laboratories, aseptic cellular/tissue class 10,000/100 processing lab, hematology, microbiology and flow cytometry laboratories. David Koos serves as Chairman & CEO concurrently for BMSN and ENTB. Entest Biomedical, Inc. (OTCBB: ENTB) is a majority owned subsidiary of Bio-Matrix Scientific Group Inc. (OTCBB: BMSN).
This news release may contain forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.