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. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements for Islet Sciences reflect current expectations, as of the date of this press release, and involve certain risks and uncertainties. Actual results could differ materially from those anticipated in these forward- looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the risks described in the Islet Science's reports filed with the Securities and Exchange Commission. The companies' further development is highly dependent on future medical and research developments and market acceptance, which is outside their control.