October 20, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — MultiCell Technologies, Inc. (OTCBB: MCET) and its majority owned subsidiary, Xenogenics Corp., have acquired the Ideal BioStent assets by Xenogenics Corp. from investment funds managed by Western Technology Investment and Silicon Valley Bank.

Xenogenics also entered into a worldwide exclusive license with Rutgers University for rights to certain intellectual property related to the Ideal BioStent.

The Ideal BioStent offers a dual-drug polymer, incorporating salicylate, the active component in aspirin, directly into the polymer chain.  As the polymer degrades, salicylate is released directly into the vessel wall to provide anti-inflammatory therapy aimed at reducing stenosis and the promotion of blood vessel healing.  

According to MultiCell, the Ideal BioStent also incorporates the drug Sirolimus in its polymer matrix to provide anti-restenotic therapy similar to today's commonly used drug-eluting metal stents.

The Ideal BioStent's technology allows for the ability to layer different combinations of polymers and drugs, enabling the optimization of the delivery of combination drug therapies.

Xenogenics Corporation also licensed rights to an intellectual property portfolio covering the Ideal BioStent. This patent estate includes 24 issued patents, and over 65 patent applications with broad claims encompassing interventional cardiology and intravascular bioabsorbable stent design and manufacture.

MultiCell provided the financing for the acquisition of the Ideal BioStent. MultiCell Technologies increased its ownership position in Xenogenics to 91.72% as a result of providing the acquisition financing.

Xenogenics is a development-stage medical device company focused on the design of bioabsorbable stents for interventional cardiology and peripheral vessel applications.  

Rhode Island-based MultiCell Technologies is a clinical-stage biopharmaceutical company developing novel therapeutics and discovery tools for the treatment of neurological disorders, hepatic disease and cancer.  

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