NEW YORK, Dec. 11, 2006 (PRIME NEWSWIRE) -- National Stem Cell Laboratory Services, Inc., a wholly owned subsidiary of National Stem Cell Holding, Inc. (Pink Sheets:NHGI) announced today the filing of a letter of intent for a grant from the State of Maryland to investigate the derivation, banking, and therapeutic use of human embryonic and adult stem cells.
In response to Maryland RFA-MD-06-1, National Stem Cell indicated that it will pursue grant money for several avenues of stem cell research and umbilical cord blood banking that will complement or add to its existing work in those fields. Decisions on the grant are expected by Q1 2007.
The areas of exploration include the development of a derivation and expansion platform that is free of non-human animal products, the creation of clean stem cell lines for research or therapeutic use, and the testing of a new proprietary cryo-preservation system to be used in conjunction with their expansion technology and their umbilical cord blood banking program. National Stem Cell will be conducting their research at Johns Hopkins University School of Medicine, with whom the company maintains sponsored research agreements.
The letter of intent also outlines the benefits the company plans to extend to the State of Maryland through its comprehensive plan to accept an award with self-imposed conditions for investment in Maryland's economy. National Stem Cell Laboratory Services, a Maryland corporation, commits that its total expenditures in the state over the five years following the date of the award will exceed the amount awarded.
Michael Cohen, CEO of National Stem Cell, explains, "We are applying for this grant with specific parameters because we believe that the taxpayers in Maryland should benefit from the expenditure of their dollars. We intend to contribute to the Maryland economy by investing in institutions, salaries, and laboratory services for its citizens that will equal or potentially exceed the amount of the grant. Good science and good business practices can and should co-exist."
About National Stem Cell Holding, Inc.
National Stem Cell Holding, Inc. (Pink Sheets:NHGI) is a biotechnology company headquartered in New York City dedicated to the advancement of regenerative medicine. Incorporated in 2005, National Stem Cell Holding, Inc. is the parent company of National Stem Cell, Inc., which operates the Sperm Bank of New York as a wholly owned subsidiary. Through its sponsored research agreement with the Johns Hopkins University School of Medicine's Institute for Cell Engineering, National Stem Cell is focused on the development of potential stem cell therapies for the treatment of diabetes and cardiac injury. The company is developing a genetically diverse umbilical cord blood bank to meet the growing need for transplant grade umbilical cord blood stem cells. For more information, please visit www.nationalstemcell.com.
Forward Looking Statements: As provided by the "Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995," National Stem Cell, Inc. cautions readers that this press release includes certain information which may constitute forward-looking statements. The materials in this press release that address the company's financial or business outlook apply only as of the date the information was issued. The outlook may not be current, therefore, it should be used as background information only. This press release contains forward-looking statements regarding the Company's financial or business outlook. Such statements are based on management's current beliefs and expectations. There are a number of risks and uncertainties that could cause actual results or events to differ materially from management's current beliefs and expectations. National Stem Cell Holding, Inc. does not undertake any obligation to update forward-looking statements.