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May 04, 2006 11:29 AM US Eastern Timezone MultiCell Enters into $25 Million Common Stock Purchase Agreement SAN DIEGO--(BUSINESS WIRE)--May 4, 2006--MultiCell Technologies, Inc. (OTCBB:MCET), a developer of therapeutics for the treatment of degenerative neurological disease, metabolic and endocrine disorders, and infectious disease, has entered into a common stock purchase agreement with Fusion Capital Fund II, LLC, a Chicago based institutional investor, whereby Fusion Capital shall buy up to $25 million of the Company's common stock. These funds are expected to be used for general corporate purposes including the advancement of MCT-125 in a pivotal Phase IIb/III clinical trial for the treatment of fatigue in Multiple Sclerosis.
Under the agreement, funding of the $25 million will occur from time to time over a 25 month period after the Securities & Exchange Commission has declared effective a registration statement covering the shares of common stock to be purchased by Fusion Capital. Throughout each month during the term of the agreement, the Company has the right to sell to Fusion Capital up to $1 million of its common stock at a price based upon the market price of the Company's common stock on the date of each sale without any fixed discount to the market price. The Company has the right to control the timing and the amount of stock sold to Fusion Capital, and under certain conditions, may increase or decrease the amount of stock sold to Fusion Capital. The Company also has the right to terminate the agreement at any time without any cost. A more detailed description of the transaction is set forth in Company's report on Form 8-K recently filed with the SEC.
Dr. Stephen Chang, MultiCell President, stated: "We are pleased to work with a respected institutional investor such as Fusion Capital. The terms of the financing allow us to sell shares at potentially higher market prices when funds are needed. This agreement represents an important potential source of capital for MultiCell. MultiCell hopes that the capital derived from the financing will permit it to commence pivotal Phase IIb/III clinical trials for MCT-125, a potential treatment for fatigue in patients diagnosed with multiple sclerosis exclusively licensed in December 2005 from Amarin Corporation plc."
About MultiCell Technologies, Inc.
MultiCell Technologies, Inc. is a biopharmaceutical company committed to the development of breakthrough therapeutics based on a portfolio of therapeutic candidates and patented drug development technology platforms. The Company's drug development programs are focused on modulation of the immune system. The Company's lead drug candidates include drugs to treat fatigue resulting from multiple sclerosis, relapse-remitting multiple sclerosis, and type-1 diabetes. Other therapeutic candidates in the MultiCell development pipeline include new antiviral treatments to address worldwide influenza threats as well as treatments for other infectious diseases. The Company also holds unique cell-based technology for use in drug discovery screening applications and is a leading producer of the cell lines needed by the biotechnology industry to develop new drugs and therapeutics. For more information about MultiCell Technologies, please visit http://www.multicelltech.com.
About Fusion Capital
Fusion Capital Fund II, LLC is an institutional investor based in Chicago, Illinois with a fundamental investment approach. Fusion Capital invests in a wide range of companies and industries. Its investments range from special situation financing to long-term strategic capital. For more information about Fusion Capital, please visit http://www.fusioncapital.com.Posts: 383 | Registered: Apr 2006
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MultiCell Technologies Announces Milestone Patent Issued by European Patent Office on Treatments for Autoimmune Diseases Business Wire - October 12, 2006 16:03 A Newly Granted Patent Covers Company's Immune-Based Therapeutics to Target MS, Diabetes and other Unmet Medical Needs
SAN DIEGO, Oct 12, 2006 (BUSINESS WIRE) -- MultiCell Technologies, Inc. (OTCBB:MCET), developing first-in-class drugs based on advanced immune system modulation and other proprietary technologies, today announced that the European Patent Office has granted the Company a key patent covering its next-generation technology targeting multibillion-dollar medical marketplace segments, including a range of serious autoimmune disorders such as diabetes and multiple sclerosis.
The patent issuance is a significant validation of the Company's business strategy to obtain broad, worldwide protection of its advanced immune modulation technologies and intellectual property. The Company recently announced that its IP portfolio crossed the key threshold of more than 50 issued or pending patents.
The patent, "Compositions for Treating Autoimmune Disease," leverages MultiCell's proprietary platform technologies in the science of modulating the human immune response to treat a range of serious diseases.
"We believe that this patent further validates our scientific and business model to develop drug candidates that work with the body's own immune system to deliver an entirely new generation of disease-specific immunotherapeutics," said Dr. Stephen Chang, President and Chief Executive Officer of MultiCell. "We have already advanced our products into human clinical trials where researchers have reported extremely encouraging results showing the efficacy of our drug candidates to treat patients with MS and other conditions that desperately need new and substantially better therapeutic options."
MultiCell is an innovator in the science of modulating the human immune system with unique platform technologies, focusing on the development of breakthrough drugs to treat serious autoimmune diseases, including multiple sclerosis and type-1 diabetes, as well as influenza. Currently, the market for therapies that address these diseases is estimated at $8 billion worldwide.
The newly issued patent is related to compositions for the effective endocytic presentation of immunosuppressive factors that are useful for the treatment of various disorders, such as autoimmune disorders. The Company's technology platforms include Toll-like Receptor signaling and T-cell targeting to modulate both the innate and adaptive immune systems. These technologies enable the creation of advanced drug candidates that stimulate or suppress the immune system via disease-specific targeting.
About MultiCell Technologies, Inc.
MultiCell Technologies, Inc. is an integrated biopharmaceutical company committed to the development of breakthrough therapeutics based on a portfolio of therapeutic candidates and patented drug development technology. MultiCell's drug development program is focused on modulation of the immune system. The Company's lead drug candidates include drugs to treat MS-related chronic fatigue, relapsing-remitting multiple sclerosis, type-1 diabetes and infectious disease. The Company also holds unique cell-based technology for use in drug discovery screening applications, and is a leading producer of the cell lines needed by the biotechnology industry to develop new drugs and therapeutics. For more information about MultiCell Technologies, please visit http://www.MultiCelltech.com. For investor information about MultiCell, please visit http://www.trilogy-capital.com/tcp/multicell. For current stock price quotes and news, visit http://www.trilogy-capital.com/tcp/multicell/quote.html. To view the Company's Investor Fact Sheet, visit http://www.trilogy-capital.com/tcp/multicell/factsheet.html. To listen to an archived investor conference call, visit http://www.trilogy-capital.com/tcp/multicell/conference.html.
Forward-Looking Statements
Any statements in this press release about MultiCell's expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and are forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the "Act"). These statements are often, but not always, made through the use of words or phrases such as "believe," "will," "expect," "anticipate," "estimate," "intend," "plan," "forecast," "could" and "would." Examples of such forward-looking statements include statements regarding plans to develop new drug candidates, plans to expand intellectual property holdings, the ability of MultiCell to accelerate any of its therapeutic programs, or the ability of MultiCell to commercialize any drug candidates. MultiCell bases these forward-looking statements on current expectations about future events. They involve known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by any forward-looking statement. Some of the risks, uncertainties and assumptions that could cause actual results to differ materially from estimates or projections in the forward-looking statements include, but are not limited to, the risk that we might not achieve our anticipated clinical development milestones, receive regulatory approval, or successfully commercialize our lead drug candidates as expected, the market for our products will not grow as expected, and the risk that our products will not achieve expectations. For additional information about risks and uncertainties MultiCell faces, see documents MultiCell files with the SEC, including MultiCell's report on Form 10-KSB for the fiscal year ended November 30, 2005, and all our quarterly and other periodic SEC filings. MultiCell claims the protection of the safe harbor for forward-looking statements under the Act and assumes no obligation and expressly disclaims any duty to update any forward-looking statement to reflect events or circumstances after the date of this news release or to reflect the occurrence of subsequent events.
SOURCE: MultiCell Technologies, Inc.
MultiCell Technologies, Inc. Dr. Stephen Chang MCETInvestor*MultiCelltech.com or Trilogy Capital Partners (Financial Communications) Paul Karon, 800-592-6067 paul*trilogy-capital.com
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