MicroIslet Announces Supply Agreement With Mayo Foundation
Published: Mar 16, 2005
SAN DIEGO and ROCHESTER, Minn., March 15 /PRNewswire-FirstCall/ -- MicroIslet, Inc. and Mayo Foundation for Medical Education and Research ("Mayo") today announced that they have entered into a strategic supply agreement under which Mayo will supply Designated Pathogen Free ("DPF") Pigs to MicroIslet for use in development of MicroIslet-P(TM) -- a vialed suspension of microencapsulated porcine islets for injection into the abdominal cavity for transplantation in patients with insulin-dependent diabetes.
Under the terms of the agreement, Mayo will supply MicroIslet substantially all of its non-transgenic pig production for a period of six to nine months. Mayo has also agreed to grant MicroIslet exclusivity for supply of pigs in the field of research and treatment of diabetes during the term of the agreement. The parties have agreed to work together to negotiate a long term supply agreement. MicroIslet expects to use the islets from these pigs for testing of its xenotransplantation technology in animals with the goal of continuing the Mayo supply relationship to provide islets (upon FDA approval) for human clinical trials. MicroIslet believes that Mayo has the capacity to provide an adequate supply of donor organs for MicroIslet's planned Phase I and Phase II clinical trials.
MicroIslet has not identified any supplier other than Mayo that is capable of providing the necessary quantity and quality of DPF animals for its product development program. MicroIslet believes that the supply of pigs from Mayo will allow the company to focus on its pre-clinical and clinical programs and reduce the risk associated with unavailability of qualified donor animals.
Use of DPF source animals is a regulatory requirement for clinical application of xenotransplantation products. DPF status requires that the animals are housed in a closed facility and extensively monitored for known infectious agents. Establishing such a herd requires a clean room facility, a significant amount of time, and veterinary expertise.
Dr. Haro Hartounian, President and Chief Operating Officer of MicroIslet commented "We are proud to announce this agreement with Mayo Foundation and consider this agreement the start of a mutually beneficial relationship that will provide a strong complement to our efforts in developing a solution for treatment of Type 1 diabetes. The experience and expertise of the Mayo team in this specialized field should prove very valuable as we advance our product development efforts."
MicroIslet is a biotechnology company engaged in the research, development, and commercialization of patented technologies in the field of transplantation therapy for people with insulin-dependent diabetes. MicroIslet's patented islet transplantation technology, exclusively licensed from Duke University, includes methods for isolating, culturing, cryopreservation, and immuno-protection (microencapsulation) of islet cells. MicroIslet is working to develop and commercialize a first product, called MicroIslet-P, a microencapsulated porcine islet cell suspension that will be used for transplantation in patients with insulin-dependent diabetes. Additional information about MicroIslet can be found at http://www.microislet.com/.
Except for the historical information contained herein, the matters set forth in this press release, including the expectation of development of new therapeutic products, and the impact of MicroIslet's products on diabetes patients, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risks and uncertainties inherent in medical treatment discovery, development and commercialization, the risks and uncertainties associated with MicroIslet's early stage xenotransplantation technologies, the risks and uncertainties of governmental approvals and regulation, dependence on the Mayo Foundation for Medical Education and Research as a sole source supplier of animal parts for pre-clinical and clinical studies, MicroIslet's need to raise substantial additional capital to proceed through human clinical trials and bring any product to market, the risks that MicroIslet's competitors will develop or market technologies or products that are more effective or commercially attractive than MicroIslet's products, and other risks detailed from time to time in MicroIslet's most recent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. MicroIslet disclaims any intent or obligation to update these forward- looking statements.
For more information, please visit our Web site at http://www.microislet.com/. For further information, contact: Haro Hartounian, Ph.D., President and Chief Operating Officer, MicroIslet Inc. +1-858-657-0287, firstname.lastname@example.orgMicroIslet, Inc.
CONTACT: Haro Hartounian, Ph.D., President and Chief Operating Officerof MicroIslet Inc., +1-858-657-0287, email@example.com
Web site: http://www.microislet.com/