ALLENDALE, N.J. and LOS ANGELES, June 3, 2013 (GLOBE NEWSWIRE) -- NeoStem, Inc. (NYSE MKT:NBS), its subsidiary, Progenitor Cell Therapy LLC ("PCT"), and ImmunoCellular Therapeutics, Ltd. (NYSE MKT:IMUC) ("IMUC"), a clinical-stage biotechnology company that is developing immune-based therapies for the treatment of brain and other cancers, announced today the execution of a Services Agreement under which PCT will provide cGMP ("current good manufacturing practices") manufacturing services to support research and development of IMUC's ICT-121 cell therapy product candidate, a dendritic cell vaccine targeting CD133 cells. PCT currently provides manufacturing services for IMUC's lead product candidate, ICT-107, a dendritic cell-based vaccine targeting multiple tumor-associated antigens for glioblastoma, for its Phase II clinical trial.
"We are pleased with PCT's ability to scale up services, lower our cost of goods and provide high quality manufacturing to support our research and development activities," said Andrew Gengos, Chief Executive Officer of ImmunoCellular. "We look forward to continuing to work in partnership with PCT as we seek to advance our cancer vaccines through the clinical and regulatory process."
"We appreciate the opportunity to work with ImmunoCellular as a manufacturing partner. Our management is focused on growing the business through increased services and product offerings, including automation technologies geared toward improving efficiencies and lowering cost of goods," said Robert A. Preti, PhD, President and Chief Scientific Officer of PCT. "Whether through growing our client base or expanding or extending services with current clients, we see that the industry is taking notice of the process improvements and cost benefits of working with PCT.""With its East and West Coast facilities, PCT has unique expertise in manufacturing, regulatory, logistical transport and commercialization for therapeutics development, and we are pleased that our clients have confidence in the quality and cost-effectiveness of our operations," said Robin L. Smith, M.D., MBA, Chairman and CEO of NeoStem. "We foresee meaningful client base growth as therapeutic development companies come to understand the critical importance of involving a skilled manufacturing partner and the cost-effectiveness of that partner possessing the ability to rapidly scale while providing excellent service."
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts