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Investor Relations
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Vitro to Expand Manufacturing Capacity & Report Increased Product Sales for 2009
Golden, Colorado—November 10, 2009—Vitro Diagnostics, Inc. (OTCBB: VODG), dba Vitro Biopharma, announced expansion of its core manufacturing capacity to meet growing demand for its “Tools for Stem Cell and Drug Development™” product line that was introduced earlier in the year. Demand for certain products exceeds present manufacturing capacity and requires significant scale-up to meet this demand. Vitro also recently completed its current fiscal year and will be reporting a substantial increase in sales due to early sales of its stem cell infrastructure product line, which occurred during the latter half of the year. The Company projects achievement of profitability during fiscal year 2010.
Vitro Biopharma currently supplies cell culture media optimized to support growth of human stem cells without differentiation and is developing media that induce stem cell differentiation into specific cell types. Independent analyses by multiple outside laboratories have confirmed superior performance of Vitro’s stem cell growth medium when compared to existing commercial products. Vitro’s media provides faster cellular growth rates and reduction of cellular stress. These improvements lead to greater recoveries of useful cells, critical parameters for efficiency and generation of clinically relevant research results by Vitro’s customers. Key goals of the current expansion program are an extensive increase in media production output, automation of processes wherever possible and continuing compliance with current FDA manufacturing standards. Achievement of these goals is necessary for clinical studies employing Vitro’s stem cell culture media. Distribution of Vitro’s product line is now being conducted through a local sales force, trade show attendance and internet marketing.
Erik Van Horn, BSChE, a member of Vitro’s Board of Directors, who is presently employed by a leading regional biopharmaceutical manufacturing firm said, “The scale-up goals of Vitro’s cell media expansion program are readily achievable through available technology. I look forward to providing my experience and expertise in the design, build-out, and operation of similar FDA-compliant processes to the ongoing manufacturing scale-up at Vitro. There is an important need within the biotechnology industry for the specialty media and stem cell lines currently available through Vitro Biopharma.”
About Vitro Diagnostics, Inc.
Vitro Diagnostics, Inc. dba Vitro Biopharma (OTCBB: VODG; http://www.vitrobiopharma.com), known for “Harnessing the Power of Cells” owns US patents for production of FSH, a fertility drug, immortalization of cells, and adult stem cells. The Company also owns a pending US patent regarding stem cell-based cancer treatments and is continuously developing newly patentable cell lines and technologies. Vitro recently established a new high tech and regulatory compliant manufacturing, R&D and corporate facility in Golden, Colorado. We manufacture and sell “Tools for Stem Cell and Drug Development™”, including human mesenchymal stem cells and derivatives, optimized media for sustained self-renewal, and products supporting induced pluripotent stem cell and cancer research.
Safe Harbor Statement
Certain statements contained herein and subsequent statements made by and on behalf of the Company, whether oral or written may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are identified by words such as “intends,” “anticipates,” “believes,” “expects” and “hopes” and include, without limitation, statements regarding the Company’s plan of business operations, product research and development activities, potential contractual arrangements, receipt of working capital, anticipated revenues and related expenditures. Factors that could cause actual results to differ materially include, among others, acceptability of the Company’s products in the market place, general economic conditions, receipt of additional working capital, the overall state of the biotechnology industry and other factors set forth in the Company’s filings with the Securities and Exchange Commission. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Dr. James Musick
Chief Executive Officer
Vitro Diagnostics, Inc.
(303) 999-2130
E-mail: jim@vitrodiag.com
MEDIA CONTACT: Sandra Kay Helsel, Ph.D.
SK Helsel & Associates
Office: 520-325-4636
Cell: 520-390-8184
E-mail: skhelsel@skhelsel.com
Source: Vitro Diagnostics, Inc.