NEW YORK, Dec. 6, 2005 (PRIMEZONE) -- Stem Cell Ventures, Inc. (Pink Sheets:SCVR), f/k/a OncBio, Inc., today announces that it has acquired Stem Cell Ventures Limited, a United Kingdom corporation, and that the company has changed its name to Stem Cell Ventures, Inc. The company's trading symbol has been changed to "SCVR."
In connection with the acquisition of Stem Cell Ventures Limited, the company has executed a 1-for-8 reverse split of the company's issued and outstanding common stock and then issued 30,000,000 new shares of the company's common stock to the shareholders of Stem Cell Ventures Limited. As a result of the transaction the former shareholders of Stem Cell Ventures Limited own approximately 94.8% of Stem Cell Ventures, Inc.
Stem Cell Ventures, Inc. is a corporation focused on the development of therapies and treatments across several therapeutic areas. Stem cell technology is relatively new. Scientists first identified and isolated stem cells from human embryos in 1998. Investigators postulate that in the future, stem cells will be the foundation for remarkable new cures and therapies. Stem cells have the potential to be used to repair or replace damaged cell tissue, and to treat or cure a variety of diseases and injuries. Every major scientific community around the globe has initiated stem cell research programmes.
About Stem Cell Ventures, Inc.
Stem Cell Ventures' objective is the commercialization of regenerative medical science. It seeks innovative development programmes from leading institutions and universities with which it can partner and helps deliver potential cures and treatments arising from stem cell research. Stem Cell Ventures' approach is to underwrite the science and partner the development of multiple projects. With its expertise in capital markets, it is able to offer increasing resources as and when a project has a requirement. Close relationships have been established with leading universities that are at the forefront of stem cell research and development.