Investment Part of Strategic Focus on Cell Therapy Capabilities
CARLSBAD, Calif., Feb 15, 2008 (BUSINESS WIRE) -- Invitrogen Corporation (NASDAQ:IVGN), a provider of essential life science technologies for research, production and diagnostics, today announced it has made a minority investment in Q Therapeutics, a biotechnology company pursuing cell therapeutic indications for the central nervous system (CNS). Details of the investment were not disclosed.
Q Therapeutics, based in Salt Lake City, Utah, focuses on CNS diseases and other neurodegenerative diseases where the protective insulating myelin sheath around neurons has been destroyed by disease or injury, resulting in poor signal conduction, as well as neurodegenerative diseases causing neuronal death. Initial disease targets include multiple sclerosis (MS), transverse myelitis (TM) and Lou Gehrig's Disease (ALS). The company's initial approach is to obtain purified populations of differentiated CNS cells, culture and grow them, and inject them into the patient. The cells then recreate the insulation around the neuronal axons, allowing for proper signal conduction and improved neuronal function. Clinical trials for TM are anticipated at Johns Hopkins University in 2009.
"Part of Invitrogen's two-pronged strategy is to invest in growth areas such as the promising field of cell therapy," said Paul Grossman, Invitrogen Senior Vice President for Strategy and Corporate Development. "By investing early in a company such as Q Therapeutics, we can increase our learning around the types of tools such companies need, which will not only allow us to maximize our technology portfolio, but also help us move the field more quickly toward groundbreaking therapies."
"Q is dedicated to developing products for treating neurodegenerative diseases. Our initial product, Q-Cells(TM), is a cellular therapy using neural glial cells that we believe will provide the fastest route to restoring function in patients with demyelinating diseases and certain other neurodegenerative diseases," said Deborah Eppstein, Ph.D., President & CEO of Q Therapeutics. "Invitrogen's investment will help accelerate our efforts to bring safe, effective and affordable treatments to the clinic for these extremely debilitating conditions."
About Invitrogen
Invitrogen Corporation (Nasdaq:IVGN) provides products and services that support academic and government research institutions and pharmaceutical and biotech companies worldwide in their efforts to improve the human condition. The company provides essential life science technologies for disease research, drug discovery, and commercial bioproduction. Invitrogen's own research and development efforts are focused on breakthrough innovation in all major areas of biological discovery including functional genomics, proteomics, stem cells, cell therapy and cell biology -- placing Invitrogen's products in nearly every major laboratory in the world. Founded in 1987, Invitrogen is headquartered in Carlsbad, California, and conducts business in more than 70 countries around the world. The company employs approximately 4,700 scientists and other professionals and had revenues of approximately $1.3 billion in 2007. For more information, visit www.invitrogen.com.
About Q Therapeutics
Q Therapeutics, Inc., is an emerging biopharmaceutical company, venture-backed and privately held, located in Salt Lake City, Utah. The Company is developing products to treat debilitating diseases of the central nervous system. The Company's first product, Q-Cells(TM), is a cell-based therapeutic intended to replace the insulating myelin on damaged neurons as well as provide trophic support, thereby restoring or preserving normal function of neurons. Q-Cells are applicable to a wide range of demyelinating diseases, including multiple sclerosis (MS), transverse myelitis, cerebral palsy, spinal cord injury and white matter stroke; as well as other neurodegenerative diseases such as ALS (Lou Gehrig's Disease) and Parkinson's Disease. Clinical trials are targeted to commence in 2009 in Transverse Myelitis, a rapidly paralyzing, inflammatory demyelinating spinal cord injury related to MS. Q's pipeline includes other cell products for treating diseases including Alzheimer's Disease and peripheral neuropathies. For more information visit www.qthera.com or contact Deborah Eppstein Ph.D., President & CEO, Q Therapeutics, Inc. at 801 582 5400.
Safe Harbor Statement
Certain statements contained in this press release are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and it is Invitrogen's intent that such statements be protected by the safe harbor created thereby. Forward-looking statements include, but are not limited to, those regarding: 1) By investing early in a company such as Q Therapeutics, Invitrogen can increase its learning around the types of tools such companies, which will not only allow the company to maximize its technology portfolio, but also help move the field more quickly toward groundbreaking therapies. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, the risks: a) Invitrogen's investment in Q Therapeutics may or may not help the field of cell therapy move more quickly toward groundbreaking therapies; as well as other risks and uncertainties detailed from time to time in Invitrogen's Securities and Exchange Commission filings.
SOURCE: Invitrogen Corporation
Invitrogen Corporation Farnaz Khadem, 760-603-7245 farnaz.khadem@invitrogen.com |