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PhereSys Therapeutics Announces Consulting Agreement With Advanced Cell & Gene Therapy, LLC

Posted on: Monday, 25 July 2005, 09:01 CDT

PhereSys(TM) Therapeutics Corporation ("PhereSys") announced today that it has entered into a comprehensive consulting services agreement with Advanced Cell & Gene Therapy LLC ("ACGT"), Scott R. Burger, MD, Principal.

Advanced Cell & Gene Therapy, LLC, located in Chapel Hill, North Carolina, is a consulting firm with extensive expertise in the fields of cell, gene and tissue therapies. The firm specifically provides guidance in development, GMP/GTP manufacturing and regulatory compliance, as well as scientific and technical strategic analysis of business opportunities in cell, gene and tissue therapies to biotechnology companies, clinical laboratories and biotechnology investors.

Under the terms of the agreement, ACGT will assist PhereSys with identifying opportunities in cell, gene and tissue therapies and providing consultation and guidance regarding development and commercialization of products for these applications.

Richard Davis, MD, Founder, Chairman and CEO of PhereSys, stated, "We are quite pleased to be working with such a high caliber group of individuals with extensive expertise in cell and gene therapies. Their guidance and knowledge will prove invaluable as we begin to implement our REACT (Research for Advanced Cellular Therapies) program. We established REACT as part of our overall business strategy to ensure our role in the rapidly developing fields of stem cell and other cellular therapies, which have the potential to revolutionize medicine as we know it."

About PhereSys Therapeutics Corporation

PhereSys Therapeutics is a privately held company founded to become the premier therapeutic apheresis and cellular therapies provider in the United States. Therapeutic Apheresis or 'blood filtering' is a medical procedure where whole blood is separated into its components in order to remove disease-causing substances for therapeutic purposes. The Company currently provides its services to hospitals and physicians' offices in California and New York. PhereSys is scaling up an aggressive nationwide expansion of its business model with new initiatives now underway in Minnesota, Illinois, Michigan, Wisconsin and Texas. At least 10 other states are scheduled for operations in the coming year. PhereSys' strategy involves establishing a nationwide network of fully licensed and certified apheresis and cellular therapy clinics which will serve to enhance its mobile business as well as consolidate its strategic relationships with Hospitals, TA providers and blood banks. In addition, select facilities will be designated as "PhereSys Centers of Excellence" to assist promising TA technology companies pharmaceutical and biotech companies in pursuit of clinical trials and to further the development and commercialization of their TA, stem cell and other advanced cellular therapies.

Forward-Looking Statements

This press release may contain forward-looking statements. These statements relate to future events and are subject to risks, uncertainties and assumptions about the company. These statements are only predictions based on our current expectations and projections about future events. You should not place undue reliance on these statements. Actual events or results may vary. We do not undertake to update any forward-looking statements.

Source: Business Wire

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