Amarantus BioSciences Appoints Dr. Owen Garrick as Strategic Advisor
SUNNYVALE, CA--(Marketwire -10/25/11)- Amarantus BioSciences, Inc. (OTC.BB: AMBS.OB - News), a biotechnology company developing MANF, a first-in-class disease-modifying therapeutic protein that mitigates an underlying cause of cell death known as apoptosis and is currently in development for the treatment of Parkinson's disease, today announced that Dr. Owen Garrick, MD, MBA has joined the Company as Strategic Advisor to the Company's Board of Directors. In this advisory role, Dr. Garrick will provide insight on fund raising, clinical development preparation and strategic transactions.
"I am pleased to join Amarantus at this exciting time in the Company's development cycle," said Dr. Garrick. "The MANF platform represents an attractive technology with the potential to treat a number of apoptosis-related disorders, beginning with Parkinson's disease. I will be working closely with the team to fully develop the infrastructure to successfully move the MANF programs into clinical development."
Dr. Garrick joins Amarantus with over 20 years of pharmaceutical and biotechnology experience. He currently serves as the Chief Operating Officer at Bridge Clinical Research and is President of the American Medical Association Foundation. Prior to that, he was Director of Corporate Strategy and Business Development at McKesson Corporation. Dr. Garrick was Executive Director and Co-Head of Mergers & Acquisitions at Novartis Pharmaceuticals where he oversaw company acquisitions, hybrid equity/license rights deals, mature product divestments and venture investments in biotechnology companies. Prior to Novartis, Dr. Garrick was an associate at Goldman Sachs in New York. Dr. Garrick received his MD from Yale School of Medicine and earned his MBA from Wharton School of Business. He holds an AB from Princeton University, where he has served on the national fund raising board.
"We are pleased to welcome Owen to Amarantus as we center our corporate strategy on developing our MANF Parkinson's disease program towards the clinic," said Martin D. Cleary, Chairman & CEO of Amarantus. "Dr. Garrick's experience in fund raising and innovative corporate transactions will greatly assist Amarantus in evaluating synergistic strategies to advance Amarantus' mission of getting sorely needed therapies to patients with Parkinson's disease."
MANF is a protein that corrects protein misfolding. Protein misfolding is one of the major causes of apoptosis (cell death). This property provides a compelling rationale for the research and development of MANF-based products as therapeutics for human disease. The lead MANF product development effort is centered on a therapy for Parkinson's disease, currently funded by a research grant from the Michael J. Fox Foundation for Parkinson's Research. The Company also owns an inventory of 88 cell lines referred to as "PhenoGuard Cell Lines." MANF was the first therapeutic protein discovered from a PhenoGuard Cell Line. It is anticipated that additional therapeutic proteins useful for various therapeutic approaches to the Central Nervous System will be identified from the Company's inventory of PhenoGuard Cell Lines.
About Amarantus BioSciences, Inc.
Amarantus BioSciences, Inc. is a California-based development-stage biotechnology company founded in January 2008. The Company has a focus on developing certain biologics surrounding the intellectual property and proprietary technologies it owns to treat Parkinson's disease and other human diseases. The Company owns the intellectual property rights to a therapeutic protein known as Mesencephalic-Astrocyte-derived Neurotrophic Factor ("MANF"). For further information please visit www.amarantus.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the possible benefits of MANF therapeutic applications and/or advantages presented by Amarantus' PhenoGuard technology, as well as statements about expectations, plans and prospects of the development of Amarantus' new product candidates. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including the risks that the anticipated benefits of the therapeutic drug candidates or discovery platforms, as well as the risks, uncertainties and assumptions relating to the development of Amarantus' new product candidates, including those identified under "Risk Factors" in Amarantus' most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q and in other filings Amarantus periodically makes with the SEC. Actual results may differ materially from those contemplated by these forward-looking statements. Amarantus does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date of this presentation.