Statement From The Stem Cell Institute Regarding Decision to Close Costa Rican Operations

PANAMA CITY, June 7 /PRNewswire/ -- The Stem Cell Institute announced today that it proactively and independently made the business decision in early June to close its clinic and lab in Costa Rica and centralize all operations in Panama City, Panama. This decision was made voluntarily.

This decision, which came after careful consideration, was reached in response to Costa Rica's unpredictable and arbitrary regulatory landscape. During its time in Costa Rica the company operated in full compliance with all existing laws and regulations. Unfortunately, however, the recent lack of clarity regarding adult stem cell treatment regulation in Costa Rica proved to be too great a risk for The Stem Cell Institute to continue its work in that country.

The Stem Cell Institute maintains the highest standards of ethics, transparency and consistency. Its adult stem cell therapy treatments are conducted with the strictest adherence to legal, ethical and industry guidelines. All cells used in treatments are processed in accordance with Current Good Tissue Practices (cGTP) in a state-of-the-art laboratory that is fully licensed and certified. Our staff is comprised of highly trained doctors and other medical specialists who have dedicated years to uncovering new treatments to aid those challenged by chronic diseases for which there are inadequate standard therapies.

The company came to this decision with much regret and will dearly miss its colleagues, patients and friends in Costa Rica. In just four years, The Stem Cell Institute helped hundreds of people who are challenged with chronic diseases such as Cerebral Palsy, Multiple Sclerosis, Osteoarthritis, Rheumatoid Arthritis, Muscular Dystrophy, and Spinal Cord Injury.

The company's commitment to helping patients with chronic diseases benefit from new, cutting edge adult stem cell therapies is unchanged. It has a vibrant, growing clinic in Panama City that has already served more than 150 since opening in 2007. The government of Panama has clearly-defined laws that regulate adult stem cell therapies. Moreover, Panama City is an easily accessible metropolitan city with world-class facilities and accommodations to better serve our patients. The Stem Cell Institute's facilities in Panama are fully licensed and certified.

SOURCE The Stem Cell Institute