SAN FRANCISCO, Dec. 18 /PRNewswire/ -- Stem Cell Sciences plc (AIM: STEM), the global biotechnology company focused on the commercialization of stem cells and stem cell technologies in research and novel cell-based therapies, today announces that David A. Dodd is to become Non-Executive Chairman with Michael Dexter stepping down to become a Non-Executive Director effective January 1st, 2007.
Mr. Dodd, who joined the Group as a Non-Executive Director in October 2006, has significant commercial and corporate life sciences experience having held a number of executive positions with companies such as Serologicals Corporation, Solvay Pharmaceuticals, Wyeth, Bristol-Myers Squibb and Abbott Laboratories.
Dr. Dexter, who joined the Group as Chairman in 2003, has played a key role in the evolution of SCS over the past three years but feels that the time is right to make way for someone with more commercial experience of the market place in which the Group is positioning itself.
Commenting on the transition, Dr. Dexter said:
"I have greatly enjoyed my time as Chairman of Stem Cell Sciences and, over the past three years, I have had the privilege of working alongside an excellent management team to ensure that SCS has a sound scientific base from which to build and progress. The appointments throughout 2006 of Jeremy Scudamore and David Dodd have further strengthened our Non-Executive Board and have brought a wealth of industry and commercial experience to the Group. However, I feel that, at this strategic juncture, the Group will be better served by a Chairman who has a more intimate knowledge of the commercialization process involved in the biotechnology environment. The Board has unanimously agreed that David meets this criteria and I wish him every success in the role of Chairman."
Commenting on his appointment to Chairman, David Dodd said:
"Since joining SCS in October 2006 I have been impressed with the dedication and commitment of everyone at the Group and am excited at what the future holds. The stem cell industry is undergoing significant change and it is mine and the Board's aim to ensure that Stem Cell Sciences plc is at the forefront of continued advances within the sector, providing high value products and services while enhancing the value of the Company for investors, customers and employees."
Stem Cell Sciences continue to pursue the option of a dual listing on the Australian Exchange and will update the market on how this is progressing in due course.
Notes to Editors
Stem Cell Sciences plc (SCS, AIM: STEM) is a global biotechnology company, established in Melbourne, Australia in 1994, providing products in the burgeoning stem cell research and drug discovery markets, in addition to the targeted development of cell-based therapies for neurodegenerative disease and injury.
The Company has established a leading intellectual property (IP) and technology portfolio that enables the commercial application of stem cells in drug discovery, providing the Company with early-stage revenue streams and technology development for at scale cell production of SCS cell-based therapeutics. SCS principal focus is in neurological disease. Revenues in the neurotech market, including pharmaceuticals, devices and diagnostics, grew 10% in 2005 to US$110 billion [Neurotech Insights, Volume 2/3 April 30 2006].
SCS operates as a group of independent operations with laboratories in Scotland, Japan and Australia, each of which is affiliated with an academic center of excellence. These include the Institute of Stem Cell Research (ISCR), Edinburgh, UK, RIKEN Centre for Development Biology, Kobe, Japan and the Australian Stem Cell Centre, Melbourne, Australia.
SCS has four business units focused on key sustainable business strategies.
SC Proven(R) provides cell culture media (liquid formulations) and reagents that enable the growth and differentiation of stem cells. The first commercially available product, a novel, serum free, stem cell growth medium, has been exclusively licensed for manufacture and marketing to Chemicon, part of Millipore Corporation.
SC Licensing licenses SCS proprietary technologies, such as Internal Ribosome Entry Site (IRES) and Stem Cell Selection, for application in laboratory-based research and discovery. SCS has licensed technology to major pharmaceutical and biotechnology companies including Pfizer, Sanofi Aventis, GSK, Deltagen Inc and Lexicon Genetics Inc.
SC Services provides specialized stem cell production for basic research and drug discovery, including high-throughput applications.
SC Therapies' goal is to develop safe and effective cell-based therapies for currently incurable diseases. SCS is conducting preclinical evaluations of its neural stem cell lines in a number of therapeutic applications. The first preclinical program is being undertaken by SCS' Japanese affiliate, which recently announced the exclusive licensing of human multi-potent adipose- derived stem (hMADS) cells for therapeutic purposes. SCS KK will conduct preclinical studies for the treatment of Duchenne Muscular Dystrophy in 2007-8.
For further information on the company please visit: http://www.stemcellsciences.com
Stem Cell Sciences plcCONTACT: Peter Mountford, President and CEO of Stem Cell Sciences plc,0131 662 9829; or Kelly Krueger, account supervisor of Weber Shandwick,+1-415-248-3415 direct, or +1-415-235-5031 mobile
Web site: http://www.stemcellsciences.com/
