BOTHELL, Wash., Dec. 29 CellCyte Genetics Corporation (CellCyte) (OTC Bulletin Board: CCYG) reports that a December 24, 2008 article published by the Seattle Times reporting on CellCyte's third quarter 2008 SEC 10Q filing incorrectly reported that CellCyte 'closes.'
In CellCyte's August 14, 2008 press release, the Company reported progress in its bioreactor business segment and generally described its development plan to commercialize its bioreactor product line. The Company continues to execute this development plan as described. The entire text of the August 14 press release (none of which was reported by the Seattle Times) is provided below.
CellCyte Genetics Corporation Announces Progress in its Device Division and Revised Plans for the Development of its Therapeutic Product Candidates
August 14, 2008 / Bothell, WA - CellCyte Genetics Corporation (CellCyte) (OTCBB: CCYG) announced today that its Device Division has achieved significant progress in the development of its cell expansion and maintenance device, the bioreactor known as CCG-E45. CellCyte has been successful in updating the design of the bioreactor to incorporate readily available materials and has identified manufacturers to supply the materials throughout development and commercialization. In addition, CellCyte's internal experiments with the bioreactor have shown that the new bioreactor works as expected.
"We have been successful in expanding a human hematopoietic cell line that we have used as a model system and have achieved the targeted expansion rates and viability of the cells," said CellCyte's Chief Scientific Officer, Ronald W. Berninger, Ph.D. "We can now manufacture a sufficient number of bioreactors to allow expansion of our tests to more relevant cell types, including umbilical cord blood-derived stem cells and Islet cells."
These results enable CellCyte to proceed with ongoing negotiations with research clinics and companies seeking to use CCG-E45 in their clinical research work. The bioreactor is based on innovative technology that allows the expansion or maintenance of cells under precisely controlled levels of oxygen. The bioreactor has been successful in expanding or maintaining ten different cell lines and the company has preliminary data for an additional four cell types. The bioreactor also has been used to produce antibody from a hybridoma cell line in significant quantities and at lower cost than traditional methods. The technology has issued patents and is in development for research applications. Potential clinical applications for this technology include the expansion of CD34+ hematopoietic stem cells and umbilical cord blood-derived stem cells as well as the maintenance of Islet cells.
"In late 2007 we began detailed negotiations with two research clinics to test the device. Each of these institutions is headed by thought leaders in their respective fields," noted Gary A. Reys, President and CEO of CellCyte.
The Company expects to generate cash flow from sales of its bioreactor device in 2009. For more details on the Device Division, including images of the bioreactor, please visit our Web site: www.cellcyte.com.
With regard to the therapeutic product candidates, as announced in an SEC 8K filed by CellCyte on July 28, 2008, an incomplete data package recently supplied to CellCyte by the Department of Veterans Affairs (VA) failed to demonstrate the claims by the VA that the stem cells injected after CCG-TH30 or CCG-TH35 localized in the desired target organ. As a result, CellCyte expects that it will need to complete potentially significant amounts of additional research to confirm if such claims can be upheld. CellCyte licensed the technology from the VA in 2005. CellCyte plans to pursue industry partners to collaboratively assist in executing some or all of the additional research. CellCyte will announce more information as the negotiations of each of these collaborations are completed.
About CellCyte Genetics
CellCyte Genetics is a biotechnology company with two business segments: a device division and the development of therapeutic products. The Company's device division is focused on technology for the efficient and cost-effective expansion and maintenance of different cell types for research as well as clinical applications. The therapeutics division is engaged in the discovery, development and commercialization of stem cell enabling therapeutic products to allow more efficient delivery of adult stem cells to diseased organs, such as the heart after a heart attack. The goal of these therapies is to increase the number of stem cells delivered to a damaged organ, which is expected to markedly increase organ healing and functional restoration.
For further information see: www.cellcyte.com.
Symbol: OTCBB - CCYG; Frankfurt/Berlin Symbol - LK6 WKN. No.: A0MLCV.
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SOURCE CellCyte Genetics Corporation