MARLBOROUGH, Mass., July 21, 2011 /PRNewswire/ -- Advanced Cell Technology, Inc. ("ACT"; OTCBB: ACTC), a leader in the field of regenerative medicine, announced today that it has entered into an agreement with CHA Bio & Diostech Co, Ltd. ("CHA Biotech"), a leading South Korea-based biotechnology company, designed to enhance the efforts of the two companies' international joint venture, Stem Cell & Regenerative Medicine International (SCRMI). Under the terms of the agreement, SCRMI exclusively licenses the rights to its hemangioblast program to ACT for North America (United States and Canada) and to CHA Biotech for Korea and Japan. Both companies will work to develop clinical therapies based on the joint venture's proprietary hemangioblast cell technology.
Formed as a joint venture between ACT and CHA Biotech, SCRMI has been harnessing expertise from both sides of the globe in order to drive cutting-edge stem cell research endeavors. Under the terms of the agreement, the SCRMI scientists involved in hemangioblast research have been reassigned to ACT where they will continue their research and product development efforts as ACT employees. A total of 10 SCRMI employees are being reassigned to ACT, including Shi-Jiang (John) Lu, Ph.D., SCRMI's Senior Director of Research, Erin Kimbrel, Ph.D., Qiang (Allen) Feng, Ph.D., and their respective teams. SCRMI's research has focused on differentiating human embryonic stem cells (hESCs) and induced pluripotent stem (iPS) cells into hemangioblasts - a multipotent cell that is a common precursor to blood, immune, and vascular tissue. The ownership in SCMRI remains largely unchanged between ACT and CHA Biotech, with the joint venture ceasing internal research activity and transitioning to a licensing entity.
"The clinical prospects for this technology are immense," said Robert Lanza, M.D., chief scientific office
|SOURCE Advanced Cell Technology, Inc.|
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