Congresswoman Stephanie Tubbs Jones (OH-11) Secures $800,000 for Arteriocyte and Tours This Bioscience Start-Up

2008-05-27 23:46:18 -

- Congresswoman Stephanie Tubbs Jones (OH-11) will tour the laboratory facilities of Arteriocyte, Inc. on Tuesday, May 27, 2008 at 10:30 a.m. at 11000 Cedar Avenue, Suite 270, Cleveland, OH 44106.

The Congresswoman has played a critical role in the growth of Arteriocyte, a clinical stage biotechnology company concentrating on adult stem cell therapies, by designating $800,000 in the fiscal year 2008 Department of Defense appropriations bill for Arteriocyte's Cellular Therapy for Battlefield Wounds project. U.S. Senator Sherrod Brown also supported this project in the fiscal year 2008 appropriations process.

"Arteriocyte is an impressive company that is using cutting edge technology to advance how we heal wounds while also creating good paying jobs," said Congresswoman Tubbs Jones. "Bioscience companies have proven to be the fastest source of economic growth in Northeast Ohio. We need quality, high-paying jobs in Cleveland and we need to utilize our vast health care expertise to improve medical care, and that is why I supported the funding request for Arteriocyte."

Arteriocyte was launched four years ago based on technology developed at Case Western Reserve University and University Hospital's Case Medical Center through the National Center for Regenerative Medicine and has since developed multiple research collaborations with a number of leading universities, including Johns Hopkins University, Stanford and the University of Minnesota. The company has grown to seventeen employees and established several internship programs with local universities, while attracting more than $32 million in private and public funding, including venture capital, federal and state grants including Ohio's Third Frontier program. Arteriocyte also recently partnered with DW Healthcare Partners and Comerica Bank's Technology and Life Sciences division to acquire the Magellan platelet rich plasma device business from Medtronic.

About Arteriocyte

Arteriocyte, a clinical stage biotechnology company located in Cleveland, Ohio is developing proprietary, cellular-based therapeutics. The Company spun out of Case Western Reserve University in 2004 and is based upon research utilizing stem cells to stimulate angiogenesis (new vessel growth). Arteriocyte develops cellular therapies using multiple sources of adult derived stem cells (marrow, peripheral blood and umbilical cord blood) to treat diseases where ischemia is the cause or a contributing factor in the disease progression.

In October 2007, Arteriocyte partnered with DW Healthcare Partners and Comerica to create Arteriocyte Medical Systems inc., in order to develop and acquire novel medical devices and point of care surgical solutions to improve patient outcomes. Arteriocyte Medical Systems recently announced a broad Strategic Partnership with Medtronic, including the acquisition of the Magellan Platelet Business and a worldwide exclusive distribution agreement in the Cardiac Surgery Market that includes promotion by 80 representatives spread throughout North America and Europe for the Magellan system, which is in over 400 surgical centers worldwide.

Media Contact:
Liz Powell, 216-536-7480 cell
or
Arteriocyte, Inc.
Don Brown, 617-794-2711 cell
Chief Executive Officer
dbrown@arteriocyte.com