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SCOTTSDALE, Ariz., June 06, 2019 (GLOBE NEWSWIRE) -- RenovaCare, Inc., (Symbol: RCAR; www.renovacareinc.com) developer of patented technologies for spraying a patient’s own stem cells onto burns and wounds for accelerated self-healing, is pleased to announce the appointment of Dr. Roger Esteban-Vives as Vice President of Research and Product Development.
The appointment of Dr. Esteban-Vives follows a November 2018 equity financing of $15.5 million by Kalen Capital Corporation, wholly owned by Mr. Harmel S. Rayat, the Company’s Chairman.
Capital Infusion Broadens Technology Platform
This capital investment has permitted RenovaCare to pursue:
“My initial investment rounds of almost $6 million in total helped complete pre-clinical work in support of RenovaCare’s regulatory pathway, patent filings in multiple countries and making significant advancements to the SkinGun™,” stated Mr. Harmel S. Rayat. “The SkinGun™ has gone from a clunky complicated device to its current handheld easy-to-use iteration, the same version that was on display at the prestigious Science Museum in London for almost one year.
“While our priority remains advancing our core technology for the benefit of burn victims everywhere,” continued Mr. Rayat, “my most recent investment of $15.5 million will allow the Company to investigate other important medical conditions beyond burns.
“Our goal is to expand the Company’s pipeline of future potential products and therapies using our proprietary technologies.”
Expanding RenovaCare Products and Indications
Considered a leading expert in the isolation of specific stem cells that are ideal for spraying onto burns and wounds, Dr. Esteban-Vives has served as Director of Cell Sciences at RenovaCare since late 2016 until his appointment as Vice President of Research and Product Development on June 1st, 2019.
Along with lecturing at national and international scientific conferences around the world, Dr. Esteban-Vives has published in various scientific journals, has served as a reviewer in many international scientific journals, including Burns and Experimental Dermatology, and is an Editorial Board Member of the Journal of Acute Disease.
Previously, at the McGowan Institute of Regenerative Medicine (University of Pittsburgh), Dr. Esteban-Vives worked extensively with skin stem cells, their spray application to burns, and investigation of the impact that commercially available wound dressings have on such cells.
Dr. Esteban-Vives will work with select contract partners, academic research groups and commercial collaborators to advance the use of RenovaCare’s patented technology platform for expanded medical conditions.
Working with engineering, laboratory and regulatory contractors and through strategic collaborations allows the Company to conduct leading edge research and product development work without incurring the expense and overhead of dedicated laboratory facilities, of specialty staffing and often under-utilized test equipment.
Spraying Skin Stem Cells onto Burns and Wounds
Since its acquisition in 2013, RenovaCare has further developed its novel SkinGun™ as a potential alternative to skin grafting and other options, such as in-vitro cultured epithelial grafts that require a specialized and expensive external laboratory.
To date, over 70 patients with various types of second-degree burns have been treated on an experimental basis utilizing the technology underlying the Company’s SkinGun™.
Sprayed with a gentle mist of their own skin cells, many patients left the hospital within days, avoiding generally painful skin graft surgeries and potentially weeks of hospitalization. Clinical outcomes have been peer-reviewed and published in several medical journals.
Patients who undergo skin grafting, today’s default treatment of care, can remain hospitalized for weeks and even months and often must endure multiple painful and costly surgeries and prolonged physical therapy. Some of these patients may also suffer from the psychological effects of disfigurement caused by permanent scarring and often cope with the ongoing use of pain medications and protracted joint mobility issues.
RenovaCare products are currently in development. They are not available for sale in the United States. There is no assurance that the Company’s planned or filed submissions to the U.S. Food and Drug Administration will be accepted or cleared by the FDA.
RenovaCare, Inc. is developing first-of-its-kind autologous (self-donated) stem cell therapies for the regeneration of human organs. Its initial product under development targets the body’s largest organ, the skin. The company’s flagship technology, the CellMist™ System, uses its patented SkinGun™ to spray a liquid suspension of a patient’s stem cells – the CellMist™ Solution – onto wounds. RenovaCare is developing its CellMist™ System as a promising new alternative for patients suffering from burns, chronic and acute wounds, and scars. In the US alone, this $45 billion market is greater than the spending on high-blood pressure management, cholesterol treatments, and back pain therapeutics.
For additional information, please call Amit Singh at: 888-398-0202 or visit: http://renovacareinc.com
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Legal Notice Regarding Forward-Looking Statements
No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although RenovaCare, Inc. (the “Company”) believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: the timing and success of clinical and preclinical studies of product candidates, the potential timing and success of the Company’s product programs through their individual product development and regulatory approval processes, adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, obsolescence of the Company's technologies, technical problems with the Company's research, price increases for supplies and components, litigation and administrative proceedings involving the Company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the Company's operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the Company's ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, and other risks. There can be no assurance that further research and development will validate and support the results of our preliminary research and studies. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that the Company will be able to develop commercially viable products on the basis of its technologies. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent Form 10-Q and Form 10-K filings with the Securities and Exchange Commission. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at http://www.sec.gov. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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