Arteriocyte Initiates Phase One Clinical Trial With $1.4 Million National Institutes of Health (NIH) STTR Grant

CLEVELAND--(BUSINESS WIRE)--Jan. 19, 2006--Arteriocyte, Inc., a Cleveland-based company developing proprietary stem cell-based therapies for the treatment of vascular diseases, announced it has initiated its Phase I clinical trial to evaluate the safety of adult derived hemangioblasts (stem cells) to treat chronic ischemia, a serious form of heart disease. The first patient to take part in this trial was just treated at University Hospitals of Cleveland. The company also announced receipt of a Small Business Technology Transfer (STTR) grant totaling $1.4 million that will fund the Phase I trial.