Thursday, October 05, 2006
MultiCell Technologies Announces Strategic Initiatives for 2006 and 2007; Company to Focus on Advance of First-in-Class Immune-based Drug Candidates i
October 05, 2006 06:30 AM Eastern Time
SAN DIEGO--(BUSINESS WIRE)--MultiCell Technologies, Inc. [OTCBB:MCET], developing first-in-class drugs based on advanced immune system modulation and other proprietary technologies, has announced its Strategic Initiatives for the remainder of 2006 and beyond. The announcement was made by Dr. Stephen Chang, President and Chief Executive Officer of MultiCell.
MultiCell is currently leveraging its platform technologies to develop new drug candidates that effectively ward off disease by boosting the immune response. The Company’s strategic business plan to address multibillion-dollar market opportunities consists of the following initiatives:
Continued expansion of its portfolio of cutting-edge immune-modulation platform technologies and drug candidates to support product development and capitalize on licensing opportunities
Advanced development of the Company’s new drug pipeline, bringing its four lead therapeutics programs to next phase human clinical trials
Support for existing research and development programs, and establishment of additional programs and strategic partnerships to ensure success and shorten time to market
MultiCell is an innovator in the science of modulating the human immune system with unique platform technologies, focusing on the development of breakthrough drugs to treat serious autoimmune diseases, such as multiple sclerosis, type-1 diabetes, and infectious disease such as influenza. Currently, the market for therapies that address these diseases is estimated at $8 billion worldwide.
The Company is focused on three disease targets with products already in the clinic: multiple sclerosis (MS), type-1 diabetes, and influenza. Its therapeutic pipeline includes MCT-125, a first-in-class treatment for chronic fatigue in MS patients; MCT-175, for the treatment of relapsing-remitting MS; MCT-275 for the treatment of type-1 diabetes; and MCT-465, a TLR agonist adjuvant therapy targeting virus infection.
“MultiCell has laid the foundation for a solid platform of therapeutic candidates that target very large patient populations, including people with diabetes and multiple sclerosis, who desperately need effective new treatments,” said Dr. Chang. “We have been encouraged by the extremely positive results of our drug candidates, in particular MCT-125 which has already completed a 138 patient Phase II human clinical trial, and we look forward to commencing future human clinical trials as we drive our new therapies to the market.”
Strategic Initiative 1 — Continued development of the Company’s advanced product pipeline, bringing current drug development candidates to next phase of human clinical trials. These first-in-class therapeutic products include:
MCT-125 for the treatment of chronic fatigue in MS patients. MCT-125 completed a 138 patient Phase II clinical trial demonstrating significant efficacy in reducing chronic fatigue in MS patients. There is no drug specifically approved for the treatment of chronic fatigue in MS patients anywhere in the world.
MCT-175 for the treatment of relapsing-remitting MS. MCT-175, in preclinical development for the treatment of relapsing-remitting MS, targets disease specific autoaggressive T-cells that destroy the myelin sheath of nerve cells. MCT-175 successfully ameliorated the disease in animal models.
MCT-275 for the treatment of type-1 diabetes. MCT-275, in preclinical development, targets disease-specific autoaggressive T-cells that destroy insulin producing cells in the pancreas. MCT-275 completely reversed the type-1 diabetic phenotype and prolonged life in animal models.
MCT-465 for the treatment of virus infection. MCT-465 in preclinical studies successfully reduced pulmonary influenza virus levels 1,000-fold in animal models, and has demonstrated effectiveness in reducing virus levels of HIV and HCV in animal models.
Strategic Initiative 2 — Expand the portfolio of cutting-edge platform technologies to support product development and capitalize on licensing opportunities.
MultiCell’s intellectual property portfolio currently contains more than 40 issued, pending or applied-for patents that cover its novel drug development platform technologies and new drug candidates. The Company is leveraging its breakthrough technology platforms to develop a new generation of unique therapeutic candidates which stimulate or suppress the immune system to treat such conditions as multiple sclerosis, diabetes, and infectious disease.
MultiCell believes it has a solid platform of therapeutic pipeline candidates in key, high-growth market segments. Currently, the market for candidates addressing these diseases is estimated at approximately $8 billion worldwide (based on total worldwide sales in 2004). The Company plans to pursue strategic alliances in order to penetrate the various markets for its new drug candidates.
With a strategic shift in focus to therapeutic programs and technologies, the Company expects future cash requirements to increase significantly as the Company advances therapeutic programs into clinical trials. Until the Company is successful in raising additional funds, the Company may have to prioritize therapeutic programs and delays may be necessary in some or all development programs. As a result, the Company is actively seeking to raise additional funds for its current operations through the sale of our common and/or preferred stock, warrants, and/or the issuance of debt. Due to the Company’s current financial condition, the Company does not believe that existing funds and existing sources of funds (royalties and grant income) are sufficient to allow the Company to continue as a going concern beyond October 31, 2006.
About MultiCell Technologies, Inc.
MultiCell Technologies, Inc. is an integrated biopharmaceutical company committed to the development of breakthrough therapeutics based on a portfolio of therapeutic candidates and patented drug development technology. MultiCell’s drug development program is focused on modulation of the immune system. The Company's lead drug candidates include drugs to treat MS-related chronic fatigue, relapsing-remitting multiple sclerosis, type-1 diabetes, and infectious disease. The Company also holds unique cell-based technology for use in drug discovery screening applications and the production of therapeutic proteins, and is the leading producer of immortalized human hepatocyte cell lines needed by the biotechnology and pharmaceutical industries to develop new drugs and therapeutics. For more information about MultiCell Technologies, please visit http://www.MultiCelltech.com. For investor information about MultiCell, please visit http://www.trilogy-capital.com/tcp/multicell. For current stock price quotes and news, visit http://www.trilogy-capital.com/tcp/multicell/quote.html. To view the Company’s Investor Fact Sheet, visit http://www.trilogy-capital.com/tcp/multicell/factsheet.html. To listen to an archived investor conference call, visit http://www.trilogy-capital.com/tcp/multicell/conference/html.
Any statements in this press release about MultiCell's expectations, beliefs, plans, objectives, assumptions, or future events or performance are not historical facts and are forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the "Act"). These statements are often, but not always, made through the use of words or phrases such as "believe," "will," "expect," "anticipate," "estimate," "intend," "plan," "forecast," "could," and "would." Examples of such forward-looking statements include statements regarding plans to use funds from any financing for general corporate purposes, MultiCell's ability to advance MCT-125 into a Phase IIb/III clinical trial, the ability of MultiCell to accelerate any of its therapeutic programs, or the ability of MultiCell to commercialize any new therapeutic. MultiCell bases these forward-looking statements on current expectations about future events. They involve known and unknown risks, uncertainties, and assumptions that may cause actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by any forward-looking statement. Some of the risks, uncertainties, and assumptions that could cause actual results to differ materially from estimates or projections in the forward-looking statements include, but are not limited to, the risk that we might not achieve our anticipated clinical development milestones, receive regulatory approval, or successfully commercialize our lead drug candidates as expected, the market for our products will not grow as expected, and the risk that our products will not achieve expectations. For additional information about risks and uncertainties MultiCell faces, see documents MultiCell files with the SEC, including MultiCell's report on Form 10-KSB for the fiscal year ended November 30, 2005, and all our quarterly and other periodic SEC filings. MultiCell claims the protection of the safe harbor for forward-looking statements under the Act and assumes no obligation and expressly disclaims any duty to update any forward-looking statement to reflect events or circumstances after the date of this news release or to reflect the occurrence of subsequent events.
MultiCell Technologies, Inc.
Dr. Stephen Chang, CEO
Trilogy Capital Partners (Financial Communications)
Paul Karon, 800-592-6067