The application has been filed to improve the Company's patent position on StromaCel with respect to a newly developed breakthrough method of stem cell expansion. This new methodology is used to mass-produce stem cells for therapeutic use once the stem cell line has been selected and purified. The Company believes that the new process application will dramatically expand product availability and reduce the cost of production of StromaCel to the Company and patient.
The Company believes that the technology presented in the new patent application will allow it to move to a new clinical trial quickly for the StromaCel product. Furthermore, however, the Company believes that this expansion model will be applicable to a wide range of stem cell technologies, providing further trials and potential revenue streams to the Company.
Ian McNiece, Proteonomix, Inc.'s Chief Scientific Officer commented, "We continue to move forward building upon our existing strong scientific foundation. This patent application pinpoints advances in manufacturing of our stem cell products.
We are focused on our goal of initiating clinical trials to demonstrate the efficacy of our stem cell products in various applications of regenerative medicine. Our ongoing progress in manufacturing has enabled the company to expand its intellectual property portfolio and will help establish the company as a key emerging player in the dynamic stem cell field."