An Adult Stem Cell Company Wins Award for Innovation

Reuters, November 14, 2008

Representatives of the adult stem cell company Mesoblast announced today that they have been awarded the 2008 Frost & Sullivan United States Stem Cell Market Technology Innovation of the Year Award. Although the company is based in Australia, the award also recognizes Mesoblast's U.S.-based counterpart, Angioblast Systems, Inc., for its success and contribution to the stem cell industry. The selection of an award winner is based upon a number of factors which include market analysis and interviews, all of which combine to determine one company with the top industry rank.

According to Katheryn Symank, Frost & Sullivan's industry analyst, "Angioblast's proprietary technology has several attractive attributes that set it apart from other stem cell products, including very accurate identification and isolation. This technology allows for a cell population with up to 1000-fold greater concentration of stem cells compared to other conventional sorting methods. Moreover, due to the non-immunogenic nature of the cells, Angioblast's highly concentrated and pure population of stem cells can provide a well-regulated, consistent batched product with stringent release criteria akin to small molecule pharmaceuticals."

Symank adds, "Since Angioblast's proprietary technology allows for a very pure, potent and homogenous cell population, we view the recent pharmaceutical partnering activity in the stem cell space as a major validation of Angioblast's approach. This underscores the company's prospects for significant commercial transactions."

Dr. Silviu Itescu, the founder of the company, responded by stating, "We are honoured to be recognized with this prestigious award from Frost & Sullivan. We will continue to optimize and progress our innovative technology in order to produce novel therapies for major cardiac, vascular, eye and orthopedic indications with unmet clinical needs."

Mesoblast Ltd., is an Australian biotechnology company the focus of which is the development of novel treatments for orthopedic conditions via the rapid commercialization of unique adult stem cell technologies, especially those involving mesenchymal precursor cells (MPC), which are specifically aimed at the regeneration and repair of bone and cartilage. Mesoblast has acquired a substantial interest in the U.S.-based company Angioblast Systems which is developing the platform MPC technology for the treatment of cardiovascular diseases, including but not limited to the repair and regeneration of blood vessels and heart muscle. Mesoblast and Angioblast Systems already hold a number of patents in the field.