TORONTO, ONTARIO--(Marketwired - Jan. 27, 2014) - Stem Cell Therapeutics Corp. (TSX VENTURE:SSS)(SCTPF), an immuno-oncology company developing cancer stem cell-related therapeutics, announces that effective today, Mr. David Allan has resigned from its board of directors.
"The mandate given to me to rebuild and re-establish Stem Cell Therapeutics as a viable company with a promising future was accomplished with the establishment of a board of exceptional recognition, the acquisition of Trillium Therapeutics in April 2013, the licensing of the clinical asset, tigecycline, from University Health Network and the co- incident raising of capital to support the reconstructed company," said David Allan, the Chairman of the company. "With that mandate complete and with management having concluded an exemplary financing of $33 million in 2013, largely as a consequence of the recognition by established US life-sciences investment funds of the prospective value of the company's CD47-targeting asset, it is positioned to become an important contender in immuno-oncology," he added. "I step down from the board with my mission concluded and with the highest expectations for the future of the company."
The Board of Directors wishes to acknowledge the extraordinary work by Mr. Allan in achieving the transformation of the company over the past two years. They commented, "There are very few individuals who could have executed the vision that David Allan had when he took over the company during its most difficult of times. It now remains our responsibility to complete this vision."
"The management team, research staff, and I personally, are grateful for the opportunity provided by the merger that David spearheaded. We are committed to achieve its full potential," commented Stem Cell Therapeutics' President and CEO, Dr. Niclas Stiernholm.
The Company will announce a Chair replacement in the near future.
About Stem Cell Therapeutics:
Stem Cell Therapeutics Corp. (SCT) is an immuno-oncology company advancing cancer stem cell discoveries into novel and innovative cancer therapies. Building on over half a century of leading and groundbreaking Canadian stem cell research, the company is supported by established links to a group of prominent Toronto academic research institutes and cancer treatment centers, representing one of the world's most acclaimed cancer research hubs. The Company has two premier preclinical programs, SIRPaFc and a CD200 monoclonal antibody (mAb), which target two key immunoregulatory pathways that tumor cells exploit to evade the host immune system. SIRPaFc is an antibody-like fusion protein that blocks the activity of CD47, a molecule that is upregulated on cancer stem cells in AML and several other tumors. The CD200 mAb is a fully human monoclonal antibody that blocks the activity of CD200, an immunosuppressive molecule that is overexpressed by many hematopoietic and solid tumors. SCT's clinical stage programs include the recently in-licensed program focused on the structure of tigecycline, which is currently being evaluated in a multi-centre Phase I study in patients with acute myeloid leukemia (AML), as well as TTI-1612, a non-cancer stem cell asset that recently completed a 28-patient Phase I trial in interstitial cystitis ("IC") patients. For more information, visit: www.stemcellthera.com.
Caution Regarding Forward-Looking Information:
This press release may contain forward-looking statements, which reflect SCT's current expectation regarding future events. These forward-looking statements involve risks and uncertainties that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include changing market conditions; the successful and timely completion of pre-clinical and clinical studies; the establishment of corporate alliances; the impact of competitive products and pricing; new product development risks; uncertainties related to the regulatory approval process or the ability to obtain drug product in sufficient quantity or at standards acceptable to health regulatory authorities to complete clinical trials or to meet commercial demand; and other risks detailed from time to time in SCT's ongoing quarterly and annual reporting. Except as required by applicable securities laws, SCT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.