CARLSBAD, Calif.--(BUSINESS WIRE)--
International Stem Cell Corporation (OTCBB:ISCO.OB - News) http://www.internationalstemcell.com, a California-based biotechnology company focused on therapeutic, cosmetic and research products, announced today that it had obtained new capital financing and made important changes in the composition of its Board of Directors to ensure that Independent Directors hold the majority of Board seats.
The financing consists of $5 million in newly issued Series G Convertible Preferred Stock (without warrants), convertible into Common Stock at a conversion price of $0.40/share, the market price of the Companys Common Stock on the date the offer to purchase was made. This financing was made by AR Partners LLC, a healthcare investment firm owned by Dr. Andrey Semechkin, ISCOs CEO and Co-Chairman of the Board of Directors.
Concurrently with the closing of this financing, the Company elected to its Board of Directors Dr. James Berglund, co-founder of Enterprise Partners Venture Capital - one of the premier venture capital firms in the field of healthcare technology founded in 1985. Dr. Berglund, with his extensive professional experience, continues as an active participant in the biotech and healthcare industries. Dr. Berglund will replace Kenneth C. Aldrich, co-founder and former CEO of the Company during the period 2008-2009, who is stepping down as ISCO Board of Directors Co-Chairman. Although Mr. Aldrich is retiring from our Board, he will remain as one of ISCOs largest shareholders and an active consultant to the Board and executive management and will continue to represent the Company as Chairman Emeritus in a variety of public and private venues.
According to Mr. Aldrich, In my view, Dr. Semechkins willingness to commit such a significant amount of capital to ISCO at the market price of the Companys stock on the date of his offer represents a major vote of confidence in ISCOs future by its most senior executive. We are thankful to Dr. Semechkin for his support that will further advance ISCOs parthenogenetic stem cell-based therapeutic programs and income generating businesses.
Having a majority of independent directors on our companys Board represents an important step in ISCOs development and in transforming ISCO into a leading public company in the field of regenerative medicine.
I want to thank Mr. Aldrich for his long-standing dedication and continued involvement in guiding the Company, said Dr. Semechkin. This long-term investment, along with the new executive management team recruited over the previous twelve months, will provide ISCO with the necessary economic stability and resources to pursue its goals of consolidating our leadership position and accelerating our therapeutic programs, continued Dr. Semechkin.
About International Stem Cell Corporation
International Stem Cell Corporation is focused on the therapeutic applications of human parthenogenetic stem cells and the development and commercialization of cell-based research and cosmetic products. ISCO's core technology, parthenogenesis, results in the creation of pluripotent human stem cells from unfertilized oocytes (eggs). HpSCs avoid ethical issues associated with the use or destruction of viable human embryos. ISCO scientists have created the first parthenogenic, homozygous stem cell line that can be a source of therapeutic cells with minimal immune rejection after transplantation into hundreds of millions of individuals of differing genders, ages and racial backgrounds. This offers the potential to create the first true stem cell bank, UniStemCell. ISCO also produces and markets specialized cells and growth media for therapeutic research worldwide through its subsidiary Lifeline Cell Technology, and cell-based skin care products through its subsidiary Lifeline Skin Care. More information is available at http://www.internationalstemcell.com.
To subscribe to receive ongoing corporate communications, please click on the following link: http://www.b2i.us/irpass.asp?BzID=1468&to=ea&s=0.
Follow this link:
International Stem Cell Corporation Completes $5 Million Financing and Elects Jim Berglund to the Board of Directors