ORLANDO, Fla., July 28, 2008 (PRIME NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., today announced that it has issued a first quarter 2008 research update for CellCyte Genetics Corp. (OTCBB:CCYG), a biotechnology company engaged in developing stem cell enabling therapeutic products and medical devices for cell production.
Ajay Mohan, MFM, RedChip Research Analyst, reported:
"CCYG is in the process of developing a crucial technique for the delivery and retention of stem cells to an affected organ (e.g., the heart in the case of heart failure) using the patient's circulatory system. The research platform for this delivery technique has been patented and licensed from the U.S. Department of Veteran Affairs. The Company has a valuable asset in its substantial data generated during clinical and preclinical studies.
"Recently, CCYG appointed Jay H. Traverse, MD, FACC, FAHA, to its Scientific Advisory Board as a clinical consultant. The addition of Dr. Traverse will be extremely helpful, as the Company is planning to take its lead product, CCG-TH30, to the clinical trial phases."
"We believe the Company will be able to commercialize its CCG-TH30 and CCG-TL35 programs in 2014 and, accordingly, will start generating revenue in 2014. We maintain our 'Speculative Buy' recommendation on CCYG and 12-month target price of $0.80," Mohan concluded.
To receive a complimentary copy of the RedChip Visibility Research Report for CCYG, please visit: http://www.redchip.com/visibility/about.asp?page=vreport&reportid=128&from=07282008pr.
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Disclosure
None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. CellCyte Genetics Corporation paid RedChip Visibility, a division of RedChip Companies, Inc., $36,000 for RedChip Visibility Program services, which included the preparation of this equity research report. To the fullest extent permissible under applicable law, RedChip Companies, Inc., will not be liable to you or anyone else for the quality, accuracy, completeness, reliability, or timeliness of this information. To the fullest extent permitted by law, RedChip Companies, Inc., will not be liable to you or anyone else under any tort, contract, negligence, strict negligence, strict liability, products liability, or other theory with respect to this presentation of information. RedChip Companies, Inc., employees and affiliates may have positions and affect transactions in the securities or options of the issuers mentioned herein.