We have established a portfolio of proprietary product development programs that includes both biologics and pharmaceuticals. Our most advanced programs are in the area of regenerative medicine, applying our patented and proprietary stem cell product, MultiStem®, that we believe has potential for treating multiple disease conditions, including in the cardiovascular, neurological, inflammatory and immune disease areas. Over the past several years, we have advanced several MultiStem programs to clinical development stage and have also established preclinical programs through our internal efforts and broad network of collaborations, where we have worked with investigators at over 30 institutions across the United States and Europe. We believe that our pipeline can be broadened over time, driven by our technologies, capabilities and approach, and that our MultiStem cell therapy has significant therapeutic potential across a broad range of clinical indications.



In addition to our programs in regenerative medicine, we are also focused on applying our other technologies and capabilities to develop new pharmaceutical based treatments for obesity, related metabolic conditions, and certain neurological disorders. By maintaining a lean infrastructure, and working collaboratively with others, including leading academic researchers, clinical centers, contract research organizations and contract manufacturing organizations, we are able to efficiently and cost effectively advance multiple programs in parallel.