GOLDEN, Colo., Sept. 12, 2012 (GLOBE NEWSWIRE) -- Vitro Diagnostics, Inc. (OTCQB:VODG), dba Vitro Biopharma, announced an agreement with StemGenesis, Inc. (http://www.stemgenesisinc.com) for the exclusive distribution of its products into the following Chinese Provinces: Shanghai, Beijing, Tianjin, Jiangsu, Shandong, Zhejiang, Anhui, Fujian, Hebei, Liaoning and Heilongjiang. The agreement provides for distribution of the entire Vitro Biopharma product line under specific terms and conditions. The agreement covers Vitro Biopharma's adult mesenchymal stem cell (MSC) lines & derivatives, the MSC-Gro™ brand of MSC cell culture media and the LUMENESC™ assay kits for the determination of MSC potency, quality and response to toxic agents. StemGenesis, Inc. was incorporated in Nevada in 2011 and now has US and Chinese operations through facilities located in Sacramento, CA and Qingdao, Shandong Province, China. StemGenesis is a medical device company with focus on blood transfusion, blood banking and stem cell products. The goal of the company's presence in China is to work with the government at different levels to enhance quality of cell therapy as well as stem cell therapy by introducing the state-of-the-art technologies and products from developed countries.
Dr. Jim Musick, Vitro Biopharma's President & CEO, said, "We are very pleased to announce our distribution agreement with StemGenesis, Inc. There are substantial markets for our stem cell-based products within China and we now have an appropriate partner for us to pursue these markets. I met with StemGenesis at the annual ISCT meeting held in Seattle, WA in June of this year and we have mutual interest in serving the needs of the stem cell industry through the development, manufacture and distribution of high-quality medical devices serving specific needs within stem cell research and clinical development. This vision is now shared through our distribution agreement and there are also opportunities for us to expand this collaboration. "
The CEO of StemGenesis, said, "I recently visited the operations of Vitro Biopharma in Golden, Colorado and we are very excited to work with Vitro Biopharma. The current market demand in China for the advanced stem cell products and technologies is developing too fast to be met. As an experienced cell therapy medical device company having offices in both US and China, we provide full technical service and product support. We carefully select the best products from US and Europe to market in China. We believe Vitro Biopharma's products, especially its stem cell culture media and assays, will offer high quality products with unique features for our Chinese customers. We are looking forward to collaborating with Vitro Biopharma."
About Vitro Biopharma
Vitro Diagnostics, Inc. dba Vitro Biopharma (OTCQB:VODG) (http://www.vitrobiopharma.com), owns US patents for production of FSH, immortalization of pituitary cells, and a cell line that produces beta islets for use in treatment of diabetes. In 2011, Vitro out-licensed its intellectual property related to treatment of infertility to Dr. James Posillico, a renowned expert in Assisted Reproductive Technologies. Vitro also owns a pending US patent for generation of pluripotent stem cells and an additional pending patent for methods of mesenchymal stem cell (MSC) generation and related materials. Vitro's mission is "Harnessing the Power of Cells™" for the advancement of regenerative medicine to its full potential. Vitro operates within a modern biotechnology manufacturing, R&D and corporate facility in Golden, Colorado. Vitro manufactures and sells "Tools for Stem Cell and Drug Development™", including human mesenchymal stem cells and derivatives, the MSC-Gro™ Brand of optimized media for stem cell self-renewal and lineage-specific differentiation. Vitro recently formed a strategic alliance with HemoGenix®, Inc. (http://www.hemogenix.com/) to jointly manufacture and distribute the LUMENESC™ quantitative assay for determination of MSC quality, potency and response to toxic agents.
About StemGenesis, Inc.
StemGenesis (http://www.stemgenesisinc.com) is an US-registered cell therapy technology company. Based in California, the company's business focuses on the market in great China including mainland China, Taiwan and Hong Kong. StemGenesis is involved in two cell therapy-related businesses: medical devices and cell therapy.
In the medical device business, we offer the following services to our customers:
- Medical device registration with SFDA (the Chinese equivalent to the US-FDA)
- Marketing and distribution of state of the art medical devices used in cell therapy and stem cell research
- Pre- and post-sale product service
- Technology support in stem cell and cell therapy areas
In our cell therapy business, we provide the following services:
- Cell cryopreservation
- Cell processing
- Cell expansion and culture
- Cell characterization
Safe Harbor Statement
Certain statements contained herein and subsequent statements made by and on behalf of the Company, whether oral or written may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are identified by words such as "intends," "anticipates," "believes," "expects" and "hopes" and include, without limitation, statements regarding the Company's plan of business operations, product research and development activities, potential contractual arrangements, receipt of working capital, anticipated revenues and related expenditures. Factors that could cause actual results to differ materially include, among others, acceptability of the Company's products in the market place, general economic conditions, receipt of additional working capital, the overall state of the biotechnology industry and other factors set forth in the Company's filings with the Securities and Exchange Commission. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.
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