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Bio-Matrix Scientific Group Signs Stem Cell Cryogenic Banking Contract with NeoCells, Inc. and AdultCells, Inc.

^{Published on 2009-01-28 07:03:54, Last Modified on 2009-01-28 07:04:57 - Market Wire}
 

SAN DIEGO--([ BUSINESS WIRE ])--Bio-Matrix Scientific Group, Inc. (OTCBB: BMSN) ([ www.BMSN.us ]) today announced that it has entered into a Human Cell Tissue (HCT) Specimen Processing, Testing and Cryogenic Storage Contract with NeoCells, Inc. (NCI; [ www.neocells.com ]) and AdultCells, Inc. (ACI; [ www.adultcells.com ]).

Pursuant to this Contract, BMSN has agreed to:

As the contract requires BMSN to be compensated both initially and on a recurring basis for providing these services, the Company is excited about this contract's potential to generate substantial first year as well as ongoing revenues.

"The execution of this contract demonstrates the substantial progress recently made by BMSN towards generating revenue," said David Koos, Chairman and CEO. "The Company feels the NCI/ACI relationship demonstrates industry confidence in BMSN's business model. Equally as important, the Company is confident this contract's potential to generate revenue for BMSN can positively impact business expansion and share price, as revenues begin to replace outside investment as the primary source of operating capital."

NeoCells and AdultCells bring a strong business management and marketing arm to the alliance. "NCI's and ACI's management have extensive background in the stem cell field, marketing cord blood and peripheral blood stem cell collection, along with cryogenic preservation storage services," said Mr. Koos.

Fred Fitzsimmons, CEO of NeoCells, Inc. and AdultCells, Inc., envisions "the developing relationship between BMSN, NCI and ACI leading to the establishment of the premier stem cell cryogenic storage company in the U.S. BMSN's state of the art facilities and NCI's and ACI's marketing expertise make for dynamic synergies," he said.

About Bio-Matrix Scientific Group (OTCBB: BMSN)

Bio-Matrix Scientific Group Inc. is a biotech research and development Company that commercializes medical devices and monitoring systems for the growing, worldwide stem cell research market. The company aligns itself with strategic partners that offer key technologies in biomedical device development, tissue engineering, cell culturing, genome therapy and drug delivery systems to become a leading source for stem cell research technology and innovation. Bio-Matrix' new 15,000 sq. ft. state-of-the-art facility, located in the heart of San Diego's biotechnology corridor, will house Bio-Matrix' two secure Cryogenic Stem Cell Bank, three research laboratories, aseptic cellular/tissue class 10,000/100 processing laboratory, hematology, microbiology and flow cytometry laboratories.

About NeoCells, Inc. and AdultCells, Inc.

NeoCells, Inc. and AdultCells, Inc. provide umbilical cord blood and adult peripheral blood stem cell collection, testing, processing, cryopreservation and storage services to their clients at the nation's most affordable price. Corporate headquarters are in Evanston, IL and Client and Clinical Services Support are located in Palm Harbor, FL. NeoCells and AdultCells are subsidiaries of ViviCells International, Inc. (Symbol: VCII), an international stem cell preservation company providing families with high quality and affordable stem cell preservation services through its operating subsidiaries.

Disclaimer

This news release may contain forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.