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Fibrocell Science, Inc. Establishes Joint Venture to Market Its Technology Platform in Asia

^{Published on 2010-11-03 10:16:38 - Market Wire}
 

EXTON, Pa.--([ BUSINESS WIRE ])--Fibrocell Science, Inc. (OTCBB: FCSC), a biotechnology company focused on the development of autologous cell therapies for aesthetic, medical and scientific applications, announced today that it has signed an agreement to establish a joint venture (JV) with Hefei Meifu Bio-Tech Limited Co. (Meifu) for developing and marketing autologous fibroblast therapies in Asia, excluding Japan. The JV will be called Fibrocell Science Asia Co. Ltd.

"In Asia the health and beauty markets are expanding rapidly, which we believe offer significant opportunity for autologous cellular therapy as a natural and personalized product. We are proud to welcome Fibrocell Science as our partner and look forward to bringing Fibrocella™s proprietary technology to our markets"

Under the terms of the agreement, Fibrocell will provide access to its intellectual property, clinical data and manufacturing processes. Meifu will be responsible for all costs associated with construction and operation of a manufacturing facility in Hefei and commercialization, as well as all ongoing operational, research and development expenses.

aWe are thrilled to join our scientific and intellectual forces with such an experienced partner as Meifu,a said David Pernock, Fibrocell Science Chairman and CEO. aOur new facility will be built according to the cGMP standards to ensure high quality production and testing. Located in the heart of China, it will provide us with strategic distribution advantages through established market channels. Additionally, we will benefit from rich human resources, low integrated business costs and abundant production resources available in the Hefei area which is known as home to numerous pharmaceutical manufacturers.a

aIn Asia the health and beauty markets are expanding rapidly, which we believe offer significant opportunity for autologous cellular therapy as a natural and personalized product. We are proud to welcome Fibrocell Science as our partner and look forward to bringing Fibrocella™s proprietary technology to our markets,a added Zhou Tao, Chairman of the joint venture.

About Hefei Meifu Bio-Tech Limited Co.

Headquartered in Hefei, a significant biological and medical industry zone in central China, Hefei Meifu Bio-Tech Limited Co. develops, manufactures and distributes pharmaceutical anticancer intermediates and APIs, generic drugs, such as Paclitaxel, Docetaxel, dietary supplements including Vitamin E, and medical devices for beauty treatments.

About Fibrocell Science Technology

Fibroblasts are cells that contribute to the formation of connective tissue fibers, and regenerative fibroblast cells may have potential in use for broad aesthetic, medical and scientific applications.

Fibrocell Sciencea™s lead therapy, azficel-T, is an investigational autologous cell therapy. In the Fibrocell Science patented process, a patient's own natural fibroblasts are extracted, multiplied and re-injected as personalized therapy to regenerate skin. Azficel-T is currently under review by the U.S. Food & Drug Administration (FDA) for the treatment of moderate to severe nasolabial fold wrinkles. Also, the Company recently submitted a clinical study report to the FDA for a Phase II/III trial of azficel-T in acne scarring.

About Fibrocell Science, Inc.

Fibrocell Science, Inc. (OTCBB: FCSC) is a biotechnology company focused on the development of autologous cell therapies for aesthetic, medical and scientific applications. Fibrocell Science is committed to advancing the scientific, medical and commercial potential of autologous skin and tissue, as well as its innovative cellular processing technology and manufacturing excellence. For additional information, please visit [ www.fibrocellscience.com ].

Forward-Looking Statements

All statements in this press 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, the information on which such expectations were based may change. These forward-looking statements 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 the Company's 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, 2009, as updated in "Item 1A. Risk Factors" in the Company's Quarterly Reports on Form 10-Q filed since the annual report. The Company operates 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. The Company disclaims any intention to, and undertakes 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 public filings with the SEC.