ROCKVILLE, Md., May 12 Stem cell companyNeuralstem, Inc. (Amex: CUR) responded today to the two new patentinfringement suits filed against it Friday by StemCells, Inc., saying that itbelieves them, and the earlier claims by StemCells, Inc. against the company,to be baseless.
(Logo: http://www.newscom.com/cgi-bin/prnh/20061221/DCTH007LOGO )
"As we alleged in the counterclaim to their lawsuit, which we filed inOctober, 2006, StemCells, Inc. has engaged in a pattern of harassment andanti-competitive behavior," said Neuralstem CEO and President, Richard Garr."This is what we have come to expect from StemCells, Inc. and we believe thesenew suits are entirely consistent with its past strategy."
"The other interesting point of today's press release is that StemCells,Inc., is now backing off of its promise, made publicly in a press release notlong ago, to expeditiously re-open its original infringement suit against us,"Garr continued. "In fact, Neuralstem moved to re-open that suit, so that itcould move for summary judgment based upon the Patent Office's recent actions.To us, it sounds like StemCells, Inc. is now trying to make an excuse forarguing against re-opening that case. We are not surprised. As we saidearlier, we believe that actions of the Patent Office have destroyed the basisfor those infringement assertions against us."
Neuralstem's patented technology enables, for the first time, the abilityto produce neural stem cells of the human brain and spinal cord in commercialquantities, and the ability to control the differentiation of these cells intomature, physiologically relevant human neurons and glia.
Major Central Nervous System diseases targeted by the Company withresearch programs currently underway include: Ischemic Paraplegia, TraumaticSpinal Cord Injury and ALS. The company's cells have extended the life of ratswith ALS (Lou Gehrig's disease) as reported the journal TRANSPLANTATION, incollaboration with Johns Hopkins University researchers, and also reversedparalysis in rats with Ischemic Spastic Paraplegia, as reported inNEUROSCIENCE on June 29, 2007, in collaboration with researchers at Universityof California San Diego.
The company has also developed immortalized human neural stem cells forin-vitro use in drug development for the academic and pharmaceutical markets.For further information, please visit http://www.neuralstem.com.
Cautionary Statement Regarding Forward Looking Information
This news release may contain forward-looking statements made pursuant tothe "safe harbor" provisions of the Private Securities Litigation Reform Actof 1995. Investors are cautioned that such forward-looking statements in thispress release regarding potential applications of Neuralstem's technologiesconstitute forward-looking statements that involve risks and uncertainties,including, without limitation, risks inherent in the development andcommercialization of potential products, uncertainty of clinical trial resultsor regulatory approvals or clearances, need for future capital, dependenceupon collaborators and maintenance of our intellectual property rights. Actualresults may differ materially from the results anticipated in these forward-looking statements. Additional information on potential factors that couldaffect our results and other risks and uncertainties are detailed from time totime in Neuralstem's periodic reports, including the quarterly report on Form10-KSB for the year ended December 31, 2007.
SOURCE Neuralstem, Inc.