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The Company said that Professor Andrei Semetchkine, Ph.D., who is already a director and officer of the Company, will assume the duties of Executive Vice President of ISCO, with broad responsibility for the strategy, financial, and business affairs of the company. Dr. Semetchkine, a resident of Southern California, has been for many years a member of the Russian Academy of Sciences, the highest scientific body in Russia, and has been a founder or senior executive of many international businesses. "Dr. Semetchkine brings a depth of management skills, knowledge of opportunities in international science and a world experience that will be extremely valuable to our Company in the days to come," said Kenneth Aldrich, Chairman, President and CEO of ISCO.
Jeffrey Janus, will continue to be CEO and President of Lifeline Cell Technology, the revenue generating subsidiary of ISCO, and will also serve as Senior Vice President of Operations for the parent Company, ISCO. "As ISCO and Lifeline have grown, the demands have increased," said Janus. "The addition of Dr. Semetchkine to the senior management of ISCO will add tremendous strength to our strategic planning and management capabilities as we move forward towards therapeutic use of our parthenogenetic stem cells and to help us manage the expansion of both ISCO and Lifeline more effectively."
In a final change, Ray Wood, who had been the controller of the company, has been promoted to Vice President, Finance and Principal Financial Officer. Wood has extensive public and private company experience that is expected to enhance ISCO's financial and accounting strength.
Wood's appointment will also permit William Adams, a founder of the Company to step down from his role as CFO as of June 30. He will now work full time on developing new capital sources and collaborative opportunities for the Company. Adams is responsible for much of the company's financing to date, and this change will allow him to focus more effectively on future needs of the Company, particularly in establishing new industry and research collaborations. Adams has also elected to resign from the Board of Directors, effective June 30, and will assist the Company in seeking an outside Board member with relevant industry and regulatory affairs experience to fill the vacant seat. "I am by no means leaving the Company," said Adams. "I am just refocusing my efforts where I believe I can be of the greatest help to the company's future."
International Stem Cell Corp. is a California biotechnology company focused on developing therapeutic and research products.
((Comments on this story may be sent to health@closeupmedia.com))
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