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| Friday, October 19, 2007 |
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Area biotech industry expands as NeoStem arrivesNew stem cell bank pushes LV further toward medical technology frontierIt's called bio-insurance: storing your own stem cells to treat disease somewhere down the line. Experts estimate that millions of Americans suffer from diseases such as leukemia, coronary artery disease, diabetes, sickle-cell anemia and breast cancer that can be cured by their own stem cells -- adult stem cells. In all, experts estimate 53 million potential people, specifically those with family histories of disease, would be willing to invest in some bio-insurance.
The New York City-based company will be welcomed to town Oct. 23 during a press conference and lunch at the Panevino Restaurant. The company's director of stem-cell science, Denis Rodgerson, will appear at the luncheon. The gathering is sponsored by the Nevada Development Authority in conjunction with the University of Nevada, Las Vegas and some local companies. Rodgerson co-founded StemCyte -- the second largest umbilical cord stem-cell bank in the world -- before joining the company. He authored an article for Life Extension magazine this month that describes adult stem-cell research as a huge leap for this field of medicine. "The applications of this new form of regenerative medicine are theoretically unlimited," Rodgerson wrote. However, despite this recent move and the accompanying good will, the company had accumulated a $20,306,765 deficit as of late, according to an audit presented March 27 by Holtz, Rubenstein and Reminick of Melville, N.Y. NeoStem's balance sheets and subsidiary were audited for the board of directors and stockholders. The audit was for the related consolidated statements of operations, stockholders' equity, or deficit, and cash flows for each of the years in a three-year period ended Dec. 31. Many publicly traded firms on the cutting edge of science and medical technology lose money, especially in the beginning, mostly because of the costly, yet essential act of continuous research. Biotechnology companies are constantly struggling to acquire private investment capital. Venture capital firms tend to wait until a product is fully developed before risking money. "There's more money spent on a tire for a B-52 than there is invested in our entire company, and we are involved in something that has the potential to revolutionize medicine," Robert Lanza, chief science officer for Advanced Cell Technology of California, another stem-cell firm, told the San Diego Union-Tribune last December. When contacted over the phone by a reporter, NeoStem President Mark Weinreb said he couldn't immediately comment. A public relations official offered to reschedule an interview for a later date. Meanwhile, the company's move to Southern Nevada has some local officials -- such as Nevada Development Authority President and CEO Somer Hollingsworth -- very excited. "The technology and services they provide are an incredible addition to the growing biotech and life science industry in Las Vegas," Hollingsworth said in a statement. By 2010, nearly 40 percent of the U.S. population will be 45 or older and at much higher risk for diseases, and stem-cell therapies are expected to keep up as regenerative medicine revolutionizes medical treatment, officials say. Adult stem cells are found throughout the body. They divide to replenish dying cells and regenerate damaged tissues. The research has been fueled by their ability to self-renew indefinitely and generate all the cell types of the organ from which they originate. It is possible that an entire organ can be regenerated from a few cells. Unlike the research into embryonic stem cells, adult stem-cell research isn't controversial. Adult stem-cell production doesn't require the destruction of an embryo. Adult cells can be isolated from an adult tissue sample. Stem cells in general are remarkable because they can develop into many different body cell types. Call it a repair system for the body. Cells in theory can keep dividing without pause to replenish other cells as long as the donor is alive. After division, each new cell has the potential to either remain a stem cell or become a different kind of cell. Target clients for adult stem-cell banking include anyone concerned with their long-term health or well-being. People concerned about possible exposure to radiation are also a target audience. Adult stem cells are now at the core of hundreds of research studies at medical and academic institutions seeking to develop breakthrough therapies for diseases. The company should prove more than able to master the rapidly emerging adult stem-cell industry and has a lot of potential revenue growth, Weinreb, has said in statements. For those who can afford it, NeoStem can be a godsend, company officials said. Las Vegas physician Ivan Goldsmith, the facility's medical director, said residents and tourists alike might realize that saving their stem cells for future use might not be as much of a gamble as the bets they make on gaming tables. "The odds are far greater that you will eventually be a winner having your stem cells banked," he said. btinsley@lvbusinesspress.com 387-5290 |
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