NEW YORK, April 9, 2012 /PRNewswire/ -- Islet Sciences, Inc., (OTCBB: ISLT) a biotechnology company engaged in the research, development and commercialization of patented technologies in the field of transplantation therapy for patients with diabetes, announced today that its wholly-owned subsidiary DiaKine Therapeutics, Inc. has received grant support totaling approximately $2.1 million. The grants include $1,831,250 from the National Institutes of Health (NIH) and $250,000 from the Iacocca Foundation.
"Clearly, the receipt of these grants will help our company execute our ongoing initiatives and is a vote of confidence from such well known organizations," said Dr. Jerry L. Nadler, Islet Sciences Director. "As we continue to make progress with our diabetes therapies this grant support is a testament to the value of our therapies which represents such a large market opportunity for Islet Sciences."
"We are pleased to announce these grants which obviously strengthens our value proposition," said John Steel, Chairman and CEO of Islet Sciences. "Our approach to the treatment of diabetes in addition to other inflammatory diseases and autoimmune disorders are what attracted these esteemed institutions as we capitalize on the growing opportunities in this field. We look forward to announcing additional milestones in the coming months."
About Islet Sciences, Inc.
Islet Sciences is a development-stage biotechnology company with patented technologies focused on transplantation therapy for people with insulin-dependent diabetes. The Company's transplantation technology includes methods for the culturing, isolation, maturation, and immunoprotection (microencapsulation) of islet cells. The Company's mission includes the introduction of commercial products with applications to cell-based replacement therapy in the healthcare marketplace.
This press release contains forward-looking statem
|SOURCE Islet Sciences, Inc.|
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