Arrowhead Announces License of New Nanotech Stem Cell Device from Stanford University
PASADENA, California – (BUSINESS WIRE) – June 6, 2005 – Arrowhead Research Corporation (NASDAQ:ARWR) announced today that it has exclusively licensed intellectual property from Stanford University for a nanotech device that controls the behavior of adult stem cells. Arrowhead will fund additional research involving the device at Stanford in exchange for the right to exclusively license and commercialize the technology.
The technology has been developed in the lab of Dr. Nick Melosh in the Materials Science Department at Stanford. The Melosh group is using arrays of nano-reservoirs on a chip to stimulate desired adult stem cell behavior. Melosh's team will conduct further research by collaborating with scientists and doctors at the Stanford Stem Cell Institute and the Lucile Packard Children's Hospital. Arrowhead has committed $600,000 to the project, with $110,000 funded upon signing and the remainder payable quarterly over the following two years.
Both embryonic and adult stem cells have the ability to become the cells of different tissues and represent a treatment for diseases such as neurological disorder, heart failure, and diabetes. Adult stem cells, which are less controversial from a political standpoint than embryonic stem cells, are less likely to generate immune reactions in patients and, therefore, could be better suited for tissue engineering than embryonic stem cells. Notwithstanding the potential of adult stem cells, however, there is no commercially available tool to enable scientists and doctors to precisely control their functions. "The solution we are pursuing is to build a device that can interact with the stem cell at the micro- and nanoscale," said Dr. Melosh. "For example, exposure to minute amounts of chemical at the appropriate time and place could be the key for guiding stem cells isolated from fat tissue to turn into cartilage or bone constructs."
"We are pleased to expand our outsourced R&D and commercialization program to Stanford," said R. Bruce Stewart, President of Arrowhead. "We believe nanotechnology is the key to unleashing the potential of stem cells. Ultimately, surgeons could use this product to grow heart tissue in the Emergency Room to replace damaged tissue resulting from a heart attack."
About Arrowhead Research Corporation
Arrowhead Research Corporation (www.arrowheadresearch.com) is a publicly-traded nanotechnology company commercializing new technologies in the areas of life sciences, electronics, and energy. Arrowhead is building value for shareholders through the progress of majority owned subsidiaries founded on nanotechnologies originally developed at universities. The company works closely with universities to source early stage deals and to generate rights to intellectual property covering promising new nanotechnologies. Currently, Arrowhead has four subsidiaries commercializing nanotech products and applications, including anti-cancer drugs, RNAi therapeutics, carbon-based electronics and compound semiconductor materials.
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This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the recent economic slowdown affecting technology companies, the future success of our scientific studies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K and 10-K/A, recent and forthcoming Quarterly Reports on Form 10-Q and 10-Q/A, recent Current Reports on Forms 8-K and 8-K/A, our Registration Statement on Form S-3, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
Contacts
R. Bruce Stewart, President
Telephone: 626.792.5549
Email: bruce@arrowres.com