We have established a diverse portfolio of therapeutic product candidates. Our most advanced programs are in the area of regenerative medicine, which is a field focused on the development of therapeutic stem cells or other forms of therapy with the ability to reduce tissue damage and promote healing, or repair, regenerate or replace diseased or injured tissue.

We are developing a patented and proprietary non-embryonic stem cell therapy called MultiStem for the treatment of cardiovascular disease, neurological conditions, and inflammatory and immune conditions, as well as certain other potential applications. Over the past several years, we have advanced multiple programs into clinical development, and currently have four clinical stage programs involving MultiStem. These programs are exploring the potential use of MultiStem to treat:

•  Inflammatory Bowel Disease (part of an ongoing Phase 2 clinical trial being conducted in partnership with Pfizer);
•  Ischemic stroke (ongoing Phase 2 clinical trial), and;
•  Complications associated with traditional bone marrow or hematopoietic stem cell transplants, such as Graft Versus Host Disease (GVHD) (recently completed Phase1 clinical trial - Orphan Drug designation)
•  Damage from acute myocardial infarction (i.e. heart attack)

In addition to our current clinical stage programs, we have a range of additional preclinical programs. To evaluate the potential relevance of MultiStem for various indications, we have established a network of collaborative relationships with leading research and clinical centers across the United States and Europe. We and many of our collaborators believe MultiStem represents a potential breakthrough in the field of regenerative medicine that could have broad relevance in multiple areas of significant unmet medical need.

In addition to our regenerative medicine programs, we have earlier stage pharmaceutical development programs are also focused on addressing significant unmet medical needs, such as obesity, related metabolic conditions, such as type 2 diabetes, and certain neurological indications. Over the past few years, obesity rates in the United States and many other countries have increased dramatically, especially among children. Obesity contributes directly to elevated rates of heart disease, diabetes, cancer and a range of other conditions, and is estimated to affect more than 100 million Americans.

Despite the growing magnitude of the obesity problem, there are no safe and effective weight loss drugs approved for use. We believe that we have established a best-in-class program that could enable us to develop safe and highly effective new therapies to treat obesity and potentially other conditions.

By maintaining a lean infrastructure, and working collaboratively with others, including leading academic researchers, clinical centers, contract research organizations, and contract manufacturing companies, we believe that we can develop safer and more effective new medicines in a cost effective and efficient manner, and generate substantial value for our shareholders.