Stem Cell Therapy International Appoints Dr. David L. Stark as President in Anticipation of the Upcoming Merger With Histostem, Ltd. of Korea
TAMPA, FL and SEOUL, SOUTH KOREA–( EMWNews – April 1, 2008) – Stem Cell Therapy
International, Inc. (
Stem Cell Therapy International (SCII) announced today it has appointed Dr.
David L. Stark as president in anticipation of the upcoming merger with
Histostem of Korea, one of the world’s leading umbilical cord stem cell
blood banks and research companies in the field of stem cell treatments for
various illnesses. After the closing of the merger between SCII and
Histostem the name of the combined entities will be changed to AmStem
International Corporation and Dr. Stark will continue in his capacity as
president and member of the board of directors. Dr. Hoon Han of Histostem
will be chairman of the board and CEO of AmStem International.
“Dr. Stark is an internationally recognized research innovator,” explains
Calvin Cao, Chairman and CEO of SCII. Formerly the Director of the National
Institute of Clinical Research (NICR), Dr. Stark has been responsible for
the design, organization and implementation of clinical trials for
pharmaceutical and device companies — from multi-billion dollar
corporations to small, entrepreneurial start-ups. He has a broad
background in designing, conducting, and monitoring clinical trials of new
pharmaceuticals and devices and he will be able to use that experience in
assisting AmStem to pursue the filing of various stem cell treatment
applications with the U.S. FDA as well as assist in the worldwide marketing
of these stem treatments to physicians, hospitals and clinics in the
numerous countries interested in these treatment modalities.
Dr. Stark’s involvement as president will seek to establish AmStem
International as a worldwide leader in meeting the growing need for
transplant grade umbilical cord blood stem cells — which have been
identified as a potential treatment for more than 80 diseases ranging from
leukemia to sickle cell anemia. With over 80,000 umbilical cord blood units
already on hand in the current inventory of Histostem, Ltd., Dr. Stark will
work to assist Dr. Hoon Han, CEO of AmStem International, to oversee the
ongoing collection and preparation of donated umbilical cord blood in order
to maintain a valuable inventory of HLA (human leukocyte antigen) typed and
tested stem cells; all indexed in a dynamic new database platform to speed
the matching process. This current inventory of 80,000 umbilical cord blood
units in the “public bank” represents a potentially very valuable asset of
AmStem International since a single unit of public bank umbilical cord
blood has been known to be sold on world markets for as much as $25,000.
“Although this makes units held in cord blood banks among the world’s most
valuable commodities, we should not speculate about future value which
could be higher or lower than previous reported prices depending upon
various circumstances such as the length of time it takes the FDA to
approve stem cell procedures for use in the Unites States,” cautioned Dr.
Stark, who went on to observe, “We can afford to be patient since all of
the 80,000 units are in a cryobank so they are protected and can be used
many years from now, if necessary.”
Dr. Hoon Han, CEO and chairman of Histostem Ltd., expressed the strategic
value of having Dr. Stark as President of AmStem International Corp. “David
brings not just a knowledge of stem cells, but the ability to leverage his
knowledge of the FDA regulatory requirements to rapidly develop and market
this innovative approach to umbilical cord blood stem cell banking,
allowing us almost instantly to be a major competitor in the international
stem cell market.”
About AmStem International Corp.
AmStem International Corp., as the merged businesses of Stem Cell Therapy
International and Histostem, Ltd. will be known, intends to take its place
as a world leader in the research community with the introduction of a new
platform for developing contaminant-free human stem cells that will serve
as a catalyst for bringing new medical therapies to market.
About Histostem, Ltd.
Histostem, Ltd. started in Seoul, Korea in 2000. To date it has treated
more than 500 patients with stem cells and currently has 56 full time
employees and 28 part-time employees. Histostem’s intellectual property
portfolio consists of five patents that have been granted, and 6 patents
pending. A comprehensive list of Histostem’s achievements can be found at
the company website http://www.histostem.co.kr (click on English version
when entering the site).
Forward-Looking Statements. This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of 1934.
The information in this news release includes certain forward-looking
statements that are based upon assumptions that in the future may prove not
to have been accurate and are subject to significant risks and
uncertainties, including statements as to the future performance of the
company. Although the company believes that the expectations reflected in
its forward-looking statements are reasonable, it can give no assurance
that such expectations or any of its forward-looking statements will prove
to be correct.
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