$1.5 million for adult stem cell research in Australia

Mar 14 2005

Australian adult stem cell company, Mesoblast Limited, today announced that its chief scientific advisor and founder, Professor Silviu Itescu, has been awarded a $1.5 million grant for pre-clinical and clinical development of mesenchymal lineage adult stem cells.

The grant was awarded under the prestigious National Health and Medical Research Council’s Program Grants Scheme, with the $1.5 million allocation being made under a specific Memorandum of Understanding.

Professor Itescu said he was delighted with the Australian Government’s endorsement and its support for the development of adult stem cells as novel therapeutic strategies in patients.

“The grant will be instrumental in sponsoring a number of clinical and preclinical studies using mesenchymal lineage adult stem cells”, he said.

“There is enormous interest within the international medical community in the potential of adult stem cells to provide effective treatments for a broad range of human diseases and conditions and to vastly improve the quality of life for many people.

“Additionally, these therapies may result in significant reductions to ballooning health care costs”, Professor Itescu said.

The Chairman of Mesoblast, Mr Michael Spooner, indicated that subject to material transfer agreements, Mesoblast would make available its specialist Mesenchymal Precursor Cells for these and other Government and industrysponsored studies.