ORLANDO, Fla., May 29, 2008 (PRIME NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc., has initiated coverage on CellCyte Genetics Corp. (OTCBB:CCYG), a biotechnology firm engaged in the discovery and development of stem cell therapeutic products and medical devices for cell production.
Ajay Mohan, MFM, RedChip Research Analyst, reported:
"CCYG is developing a breakthrough technology that may improve stem cell delivery and retention mechanisms to selected organs using a patient's circulatory system. Delivery of stem cells to the specific organ is currently one of the most challenging tasks in stem cell studies. The application of this technology is unlimited and could be used in a large number of cases such as heart, liver, or kidney failure and neurological disorders."
"The Company is in the process of taking this technology to the human trials phase, and the first organ for this trial is the heart. The difficulty so far has been that stems cells do not stay in the heart or other organ; rather, they flow down and accumulate in the liver or spleen. CCYG has discovered a mechanism by which certain receptors are blocked in the liver and spleen with the compound CCG-TH30 or CCG-TH35 and is believed to allow stem cells to remain in the heart or potentially other organs," Mohan continued.
"The biotech industry in general is moving towards a mature stage, but stem cell research is a strong emerging segment within the industry. We are initiating coverage of CCYG with a 'Speculative Buy' recommendation and a 12-month target price of $0.80," he concluded.
To receive a complimentary copy of the RedChip Visibility Initial Research Report for CellCyte Genetics Corp., please visit:
http://www.redchip.com/visibility/about.asp?page=vreport&reportid=112&from=05292008pr
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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 Corp. 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 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.