ROCKVILLE, Md., May 12 /PRNewswire-FirstCall/ -- Stem cell company Neuralstem, Inc. responded today to the two new patent infringement suits filed against it Friday by StemCells, Inc., saying that it believes them, and the earlier claims by StemCells, Inc. against the company, to be baseless.
(Logo: http://www.newscom.com/cgi-bin/prnh/20061221/DCTH007LOGO )
“As we alleged in the counterclaim to their lawsuit, which we filed in October, 2006, StemCells, Inc. has engaged in a pattern of harassment and anti-competitive behavior,” said Neuralstem CEO and President, Richard Garr. “This is what we have come to expect from StemCells, Inc. and we believe these new suits are entirely consistent with its past strategy.”
“The other interesting point of today’s press release is that StemCells, Inc., is now backing off of its promise, made publicly in a press release not long ago, to expeditiously re-open its original infringement suit against us,” Garr continued. “In fact, Neuralstem moved to re-open that suit, so that it could move for summary judgment based upon the Patent Office’s recent actions. To us, it sounds like StemCells, Inc. is now trying to make an excuse for arguing against re-opening that case. We are not surprised. As we said earlier, we believe that actions of the Patent Office have destroyed the basis for those infringement assertions against us.”
About Neuralstem
Neuralstem’s patented technology enables, for the first time, the ability to produce neural stem cells of the human brain and spinal cord in commercial quantities, and the ability to control the differentiation of these cells into mature, physiologically relevant human neurons and glia.
Major Central Nervous System diseases targeted by the Company with research programs currently underway include: Ischemic Paraplegia, Traumatic Spinal Cord Injury and ALS. The company’s cells have extended the life of rats with ALS (Lou Gehrig’s disease) as reported the journal TRANSPLANTATION, in collaboration with Johns Hopkins University researchers, and also reversed paralysis in rats with Ischemic Spastic Paraplegia, as reported in NEUROSCIENCE on June 29, 2007, in collaboration with researchers at University of California San Diego.
The company has also developed immortalized human neural stem cells for in-vitro use in drug development for the academic and pharmaceutical markets. For further information, please visit http://www.neuralstem.com.
Cautionary Statement Regarding Forward Looking Information
This news release may contain forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements in this press release regarding potential applications of Neuralstem’s technologies constitute forward-looking statements that involve risks and uncertainties, including, without limitation, risks inherent in the development and commercialization of potential products, uncertainty of clinical trial results or regulatory approvals or clearances, need for future capital, dependence upon collaborators and maintenance of our intellectual property rights. Actual results may differ materially from the results anticipated in these forward- looking statements. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in Neuralstem’s periodic reports, including the quarterly report on Form 10-KSB for the year ended December 31, 2007.
CONTACT: Company: Richard Garr, President of Neuralstem, Inc.,
+1-301-366-4960; or Media: Deanne Eagle of Planet Communications,
+1-917-837-5866; or Investor Relations: Ira Weingarten, +1-805-897-1880, or
Steve Chizzik, +1-908-688-9111, both of Equity Communications
Web site: http://www.neuralstem.com/
