Bio-Matrix Scientific Signs Letter of Intent to Acquire Former American Red Cross Facility for Its New Stem Cell Bank and Research Center.SAN DIEGO -- Bio-Matrix Scientific Group Inc. (Pink Sheets:BMXP BMXP Boston Metropolitan Exchange Point ) announced today that it has signed a letter of intent on the long-term lease of a facility formerly operated by the American Red Cross American Red Cross: see Red Cross. . This facility was one of seven American Red Cross Blood Testing and Research facilities nationwide. The American Red Cross no longer occupies this facility, which a Company spokesperson noted is perfect for Bio-Matrix's stem cell banking and research operations. This 15,000 sq. ft. state-of-the-art building, located in the heart of San Diego's biotechnology corridor will house Bio-Matrix's secure Cryogenic Adult Stem Cell Adult stem cells are undifferentiated cells found throughout the body that divide to replenish dying cells and regenerate damaged tissues. Also known as somatic (from Greek Σωματικóς, of the body Bank, Aseptic Cellular / Tissue Processing rooms, Hematology, Microbiology and Flow Cytometry Laboratories. Additionally, there will be three distinct Research Laboratories, a Tissue Management / Stem Cell Instrumentation division as well as Marketing and Corporate Offices. Dr. Geoffrey O'Neill, President of Bio-Matrix, stated, "Bio-Matrix's laboratories will be a state-of-the-art, good manufacturing practices (cGMP) and good tissue practices (cGTP) compliant facility. This facility will be in keeping with the Food and Drug Administration (FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ) 21 CFR CFR See: Cost and Freight Part 1271, a new federal regulation effective May 2005. The building will incorporate Class 1,000 and Class 10,000 clean rooms, which the Company believes will make Bio-Matrix's facility the only commercial stem cell processing and cryopreservation cryopreservation /cryo·pres·er·va·tion/ (-prez?er-va´shun) maintenance of the viability of excised tissue or organs by storing at very low temperatures. cry·o·pres·er·va·tion n. facility in the country with a class 1,000 laboratory environment." Chairman David Koos said, "We believe the lease will be finalized quickly. All parties are excited about this major step. The building should be ready to operate sometime in November 2005. That means Bio-Matrix could be revenue positive by year end." Brian Pockett, Managing Director for Bio-Matrix, indicated a number of companies are interested in joint business activities with the Company once the building is ready. More information will be available shortly on the Company's website -- www.BMXGonline.com. About Bio-Matrix Scientific Group Inc.: Bio-Matrix Scientific Group Inc. is a development stage company in the business of medical devices and monitoring systems research, development and commercialization. Bio-Matrix Scientific Group Inc. is aligning itself with partners that offer key technologies in biomedical device development, tissue engineering, cell culturing, genome therapy and drug delivery systems. Other companies in the same industry as Bio-Matrix Scientific Group Inc. (Pink Sheets:BMXP) are StemCells Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :STEM) and Cryo-Cell International Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CCEL CCEL Christian Classics Ethereal Library ). DISCLAIMER: This news release contains 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. |
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