Isolagen, Inc. Announces Proposal to Close Isolagen Europe Ltd.
November 08 2006 - 7:00AM
PR Newswire (US)
EXTON, Pa., Nov. 8 /PRNewswire-FirstCall/ -- Isolagen, Inc.
(AMEX:ILE) announced today its intention, subject to consultation
with its UK workforce, to close Isolagen Europe Ltd., its UK
operations. "The closure of the UK operations is a difficult
decision based on a full business analysis," said Nicholas L. Teti,
Isolagen Chairman and Chief Executive Officer. "While we value the
hard work and commitment of our UK staff, sustaining further
financial losses in the UK business is not in the Company's best
interest." "The management and the Board have determined that the
best use of resources is to focus on advancing the US pivotal Phase
III clinical trial of the Isolagen Process for the treatment of
certain facial wrinkles, and then, with regulatory agencies'
agreement, initiate clinical studies in key strategic therapeutic
and aesthetic areas," continued Mr. Teti. "We believe this action
plan has the potential to create the greatest value for our
shareholders." The proposed closure of Isolagen Europe Ltd. will
affect approximately 80 positions in London, 21 from the
Hammersmith management office, and 59 from the European
manufacturing plant in Park Royal. About Isolagen, Inc. Isolagen
specializes in the development and commercialization of autologous
cellular therapies for soft and hard tissue regeneration. The
company's product candidates are based on its proprietary Isolagen
Process. Autologous cellular therapy is the process whereby a
patient's own cells are extracted, allowed to multiply and then
injected into the patient. Isolagen's product candidates are
designed to be minimally invasive and non-surgical. For additional
information, please visit: http://www.isolagen.com/. All statements
in this news release that are not based on historical fact are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and the provisions of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. While
management has based any forward-looking statements contained
herein on its current expectations, including the expectation and
belief that closing the UK facilities and deploying the Company's
resources to advance the US pivotal Phase III clinical trial for
the use of Isolagen(TM) Therapy for the treatment of certain facial
wrinkles, and then, with regulatory agencies' agreement, the
initiation of clinical studies in other therapeutic and aesthetic
areas will create the greatest potential value for our
shareholders, the information on which such expectations were based
may change. Moreover, there can be no assurance that the requisite
regulatory agency approvals will be forthcoming or that the trials
will be successful. The forward-looking statements set forth above
rely on a number of assumptions concerning future events and are
subject to a number of risks, uncertainties, and other factors,
many of which are outside of our control, that could cause actual
results to materially differ from such statements. Such risks,
uncertainties, and other factors include, but are not necessarily
limited to, those set forth under Item 1A "Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended December
31, 2005, as updated in "Item 1A. Risk Factors" in the Company's
Quarterly Reports on Form 10-Q. We operate in a highly competitive
and rapidly changing environment, thus new or unforeseen risks may
arise. Accordingly, investors should not place any reliance on
forward-looking statements as a prediction of actual results. We
disclaim any intention to, and undertake no obligation to, update
or revise any forward-looking statements. Readers are also urged to
carefully review and consider the other various disclosures in the
Company's Annual Report on Form 10-K for the year ended December
31, 2005, as well as other public filings with the SEC since such
date. DATASOURCE: Isolagen, Inc. CONTACT: US Media and Investors:
Mike Beyer, of Sam Brown Inc., +1-773-463-4211, ; UK Media:
Jennifer Burner, of Halpern PR, +44-20-7349-2517, ; both for
Isolagen Web site: http://www.isolagen.com/
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