Xenogenics Corporation Retains the Emmes Group to Advise on Fund Raising Efforts

WOONSOCKET, R.I., Feb. 23, 2011 /PRNewswire/ -- Xenogenics Corporation ("Xenogenics"), a majority owned subsidiary of MultiCell Technologies, Inc. (OTC Bulletin Board MCET), is pleased to announce it has retained the Emmes Group to assist with the development and execution of its capital formation strategy to help finance expanded human clinical trials of its Ideal BioStent™.  

In animal testing and initial human use, the Ideal BioStent™ demonstrated equivalence in safety, short-term efficacy, and structural integrity when compared with today's leading bare metal stents and drug-eluting metal stents.  Unlike other bioabsorbable stent technologies, the Ideal BioStent™ showed no stent recoil, both acute and at six month follow up, remaining well apposed to the vessel wall.  The Ideal BioStent™ is designed to be fully absorbed at 12 months leaving no metal artifact behind, thereby allowing the vessel to heal and return to its natural state.  

The Ideal BioStent™

• Game changing platform addressing next generation requirements of multi-billion dollar interventional cardiology market.

• Only platform based on patented bioabsorbable polymer incorporating anti-inflammatory, anti-thrombotic, and anti-neoplastic drugs.

• Positive human clinical experience – demonstrated comparable radial strength with no stent recoil.

• Strong, seminal IP position covering key aspects of technology, including drug incorporation directly into polymer chain.

• Broad technology platform including coronary and peripheral stents.

The multi-billion dollar interventional cardiology and intravascular stent market remains extremely lucrative, and one of the most attractive opportunities for medical device companies.  Several analysts predict the 2010 estimated worldwide interventional cardiology and intravascular stent market to exceed $4.6 billion, growing 3% to 4% annually.  Clinicians, patients and manufacturers are seeking the next generation of interventional cardiology and intravascular medical devices which address long-term safety concerns and improvement of blood vessel health, while still providing efficacy equivalent to current generation products.  

About Xenogenics Corporation

Xenogenics Corporation is a development-stage medical device company focused on the design of next-generation bioabsorbable stents for interventional cardiology and peripheral vessel applications.  Xenogenics is a majority owned subsidiary of MultiCell Technologies, Inc. (OTC Bulletin Board: MCET).  

About MultiCell Technologies, Inc.

MultiCell Technologies, Inc. (OTC Bulletin Board: MCET) is a clinical-stage biopharmaceutical company developing novel therapeutics and discovery tools that address unmet medical needs for the treatment of neurological disorders and cancer.  For more information about MultiCell Technologies, please visit http://www.multicelltech.com.

About the Emmes Group, Inc.

The Emmes Group is a strategy consulting firm supporting companies engaged in the technology and healthcare industries.  Our partners have over 50 years of combined experience.  We work in partnership with our clients to increase profits and build lasting economic value.  Our expertise spans a number of key areas, including:  strategy consulting, partnerships, mergers & acquisitions, strategic marketing, market research & modeling, business development, technology licensing, corporate finance, and investor due diligence.  For more information about the Emmes Group, please visit http://www.emmesgroup.com

Caution Regarding Forward-Looking Statements

Any statements in this press release about MultiCell Technologies' expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and are forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the "Act").  These statements are often, but not always, made through the use of words or phrases such as "believe", "will", "expect", "anticipate", "estimate", "intend", "plan", "forecast", "could", and "would". Examples of such forward looking statements include statements regarding the predicted size of the interventional cardiology and intravascular stent market and statements regarding the efficacy and safety of the Ideal™ BioStent.  MultiCell bases these forward- looking statements on current expectations about future events.  They involve known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by any forward-looking statement.  Some of the risks, uncertainties and assumptions that could cause actual results to differ materially from estimates or projections in the forward-looking statement include, but are not limited to, the risk that we might not achieve our anticipated clinical development milestones, receive regulatory approval, or successfully commercialize our products as expected, the market for our products will not grow as expected, and the risk that our products will not achieve expectations.  For additional information about risks and uncertainties MultiCell faces, see documents MultiCell files with the SEC, including MultiCell's report on Form 10-K for the fiscal year ended November 30, 2009, and all our quarterly and other periodic SEC filings.  MultiCell claims the protection of the safe harbor for forward-looking statements under the Act and each assume no obligation and expressly disclaim any duty to update any forward-looking statement to reflect events or circumstances after the date of this news release or to reflect the occurrence of subsequent events.

SOURCE Xenogenics Corporation