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Boca Raton, Florida and Jerusalem, Israel--(Newsfile Corp. - September 20, 2021) - NovelStem International Corp. (OTC Pink: NSTM), a biotechnology company focused on the stem cell-based technology platform developed by 30%-owned Israel-based, NewStem, Ltd., announced that NewStem, along with six other genomic companies, was selected by Illumina for its global Illumina Accelerator. Illumina Accelerator is a company creation engine that focuses on partnering with and building companies with unique genomic technologies. Illumina Accelerator provides selected companies with access to seed investment, access to Illumina sequencing systems and reagents, as well as business guidance, genomics expertise, and fully operational lab space. Under the Illumina Accelerator - NewStem agreement, NewStem is entitled to a match funding for new capital of up to $5.5 million within 18 months.
NewStem has developed a novel stem-cell-based technology platform for the development of therapeutics and diagnostics. Using this technology, NewStem has identified and completed the analysis of resistance to the most frequently prescribed standard-of-care cancer treatments. NewStem is a spinoff of Yissum, The Hebrew University of Jerusalem's technology-transfer company. NewStem holds intellectual property rights related to stem cells, including genome-wide screening methodologies and its main patents were granted in United States, Europe, Japan and Israel and are in national phase in additional countries.
NewStem's diagnostic technology is based on the research of specialized stem cells that carry just one set of chromosomes (haploid cells) by Professor Nissim Benvenisty, Director of the Azrieli Center for Stem Cells and Genetic Research at the Hebrew University. NewStem's most advanced solution is a diagnostic and database that enables NewStem to predict patients' resistance to certain anti-cancer therapies, allowing for better, targeted personal-oncology treatments with the potential to reduce incidents of anti-cancer drug resistance, which occur in nearly 50% of all cancer cases.
NewStem CEO, Ayelet Dilion-Mashiah, commented, "We are very excited to be selected by Illumina, the global leader in DNA sequencing and array-based technologies, for this program. In addition to potential capital and professional support, we believe selection to the Illumina Accelerator further validates the significant potential of NewStem's therapeutic and diagnostic development technology and will assist us in bringing our first products to market and potentially advancing additional commercial solutions."
Amanda Cashin, PhD, co-Founder and Global Head of Illumina For Startups said, "The global reach of Illumina Accelerator is demonstrated by our investment in these seven diverse startups from six countries. This diversity is testament to the strength and breadth of the talented entrepreneurs around the world focused on unlocking the power of the genome to improve human health and beyond."
About NovelStem International Corp. www.novelstem.com
NovelStem owns an approximate 30% stake in NewStem Ltd. which is advancing its novel stem-cell-based diagnostic technology for predicting patients' resistance to cancer therapies, allowing for better, targeted cancer treatments with the potential to reduce incidents of drug resistance. The technology is also being used for genetic research related to other medical therapies. Based on a share purchase agreement from 2018, NovelStem has invested $4M in NewStem and also owns a 50% stake in Netco Partners.
About NewStem Ltd.
NewStem Ltd. is advancing novel stem-cell-based technology utilized for the development of new therapeutics and diagnostics. The most advanced product of NewStem is a diagnostic predicting patients' resistance to cancer therapy, allowing for better, targeted personal-oncology treatments with the potential to reduce incidents of anti-cancer drug resistance. NewStem is a spinoff of Yissum, The Hebrew University of Jerusalem's technology-transfer company. NewStem's solutions are based on the research of human haploid pluripotent stem cells (hHPSCs) by Professor Nissim Benvenisty, Director of the Azrieli Center for Stem Cells and Genetic Research at the Hebrew University. NewStem holds the intellectual property, reagents and experience required for hHPSC isolation, differentiation, genetic manipulation, immunogenicity and tumorigenicity.
Statements in this press release and its hyperlinks may be "forward-looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current board and management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous potential risks and uncertainties, including, but not limited to, the success of NewStem's research and future commercialization of its diagnostics utilizing human haploid pluripotent stem cells, competition in the area of genetic diagnostics, the ability to retain key personnel involved in research and development, the ability to secure appropriate regulatory approvals, and the ability to fund future investment in NewStem. Such forward-looking statements speak only as of the date on which they are made.
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NovelStem Investor Relations
Bill Jones or David Collins
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/96838