International Stem Cell Corporation (OTCBB: ISCO), www.internationalstemcell.com, and Insight Bioventures India Private Limited (IBVI), (www.insightbioventures.in) announced today that they have signed a letter of intent concerning funding and establishment of an Indian affiliate of ISCO (ISCO India). The goal is to establish world-class development and manufacturing operations for ISCO's research and pharmaceutical products in India, including its Lifeline Cell Technology® research products and human corneal tissue, CytoCor™, for treatment of corneal vision impairment and testing of chemicals.
IBVI is an experienced biomedical business facilitator with a solid network among Indian corporations, academia and government. In collaboration with Sristi Biosciences (www.sristibio.com), a full-fledged developer, manufacturer and commercial operation and the therapeutic arm of Indian bio industry leader Sri Bio (www.sribio.com), IBVI facilitated the earliest submissions and approvals of the stem cell therapy guidelines of India. Some of IBVI's major collaborators include ophthalmology research center and hospital, Sankara Nethralaya (www.sankaranethralaya.org), The Centre for Cellular and Molecular Biology (a federally funded institute run by the Indian government, www.ccmb.res.in), the All-India Institute for Medical Sciences (www.aiims.edu), and the Indian Council for Medical Research (www.icmr.nic.in). IBVI has established a dedicated Biofund to finance novel businesses in India.
According to Dr. Jayaraman Packirisamy, Executive Director of IBVI, "ISCO offers our investors as well as corporate and academic partners a unique combination of Lifeline marketed research products with near-term revenue potential in India, CytoCor with potential to change standard of care for the widespread corneal blindness and vision impairment in India and the rest of Asia, and an opportunity to apply our well-educated work force and industrial grade facilities to develop and manufacture these and other biomedical products cost-efficiently in India. We therefore look much forward to lead the funding and implementation of ISCO India."
Dr. Gopal Pande, managing scientist at The Centre for Cellular and Molecular Biology adds, "Our institution is a leader in cell biology in India and, while we have been involved with a wide range of opportunities in this field, we believe CytoCor represents a rare opportunity to produce functional, live human tissue from individual cells. We are keen to explore the possibilities with ISCO and IBVI and hope to not only apply our scientific expertise but also to host ISCO in India's first, state-of-the art, $60M, integrated research and clinical development facility for stem cells and regenerative medicine, CRF, established in collaboration between the CCMB and the Nizam's Institute of Medical Sciences."
Under the letter of intent, IBVI will lead the funding and establishment of ISCO India with facilities and staff. ISCO will train Indian scientists and commercial staff and provide rights to the company's technologies, products and intellectual property as needed. ISCO India will be managed by a combined team of experienced development and business executives from IBVI and Sristi Biosciences in India and senior executives of ISCO in the US. ISCO India will be based in Hyderabad and continue to work closely with the leading team of ophthalmology scientists and clinicians at Sankara Nethralaya in Chennai as well as researchers and government bodies across India. Formal details of this arrangement are expected to become the subject of a definitive agreement in the near future.
"IBVI and their corporate, academic and government network provide ISCO with an unparalleled opportunity to tap into the rapidly growing research product market in India and develop CytoCor with a team of experienced scientists and clinicians in the country with most corneal blindness and vision impairment in the world. Furthermore, IBVI's Biofund investors enable us to do so without ISCO capital investment or issuance of equity shares. Finally, by establishing our own affiliate in India, ISCO will be able to participate in the economic benefits of our technologies and products while retaining the intellectual property control that is so important across Asia," says Brian Lundstrom, ISCO's President.
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