ALLENDALE, N.J., Jan. 12, 2012 /PRNewswire/ -- NeoStem's cell therapy manufacturing division, Progenitor Cell Therapy ("PCT"), a NeoStem, Inc. company (NYSE Amex: NBS) ("NeoStem" or the "Company"), announced today an agreement whereby PCT will provide contract manufacturing and regulatory services related to the development of Islet Sciences – PTM, which will be an injectable suspension of microencapsulated insulin-producing, pancreatic islet cells which are harvested from designated pathogen free pigs. As part of this arrangement, PCT will perform microencapsulation for parsing beta pancreatic islets for xenotransplantation using piglet pancreata. Islet Sciences, Inc. ("Islet") is a biotechnology company engaged in the research, development and commercialization of patented technologies in the field of transplantation therapy for patients with diabetes and is a wholly-owned subsidiary of One E-Commerce Corporation (OTCBB: ONCE).
A 2010 study by the CDC found that approximately 25.8 million Americans, more than 8% of the population, were affected by diabetes. 5% of this number, approximately 1.3 million, have type 1 diabetes. Type 1 diabetes is estimated to cost the US $14.4 billion total annually.
"Given the robust market opportunity and the potential for cell therapy to alter the disease paradigm, NeoStem has agreed to this novel arrangement whereby PCT will subsidize manufacturing margin related to current services for Islet Sciences – PTM product in exchange for royalties on future sales, exclusive manufacturing rights for both clinical trial and commercial manufacturing and an equity stake in Islet's parent. We recognize that PCT's track record of developing cell therapies cost efficiently for cell therapy companies makes this a truly compelling opportunity in the industry," said John Steel, CEO of Islet Sciences.
"Our team looks forward
|SOURCE NeoStem, Inc.|
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