Strategic CEO hire to drives NeuroScientific stem cell therapy release
Smith has extensive experience in cell and gene therapies in senior commercial, operational and strategic roles in Australia and the United States, which should prove invaluable as the company navigates the regulatory and commercial pathways for its innovative StemSmart technology.
The company says his deep expertise in good practice manufacturing will be critical for converting the biotechnology startup into a scaled-up commercial stem cell company.
NeuroScientific acquired the StemSmart technology in late June via its $4.1 million acquisition of unlisted Perth-based stem cell company Isopgen.
StemSmart uses a specific type of stem cell, mesenchymal stromal stem cells (MSC), as a last-line infusion treatment for critically ill patients, including those experiencing severe immune complications from bone marrow transplants, kidney and lung transplant rejection and inflammatory Crohn's disease.
Adding to the company's ranks of highly credentialled personnel, NeuroScientific announced on Friday that it had also recruited well-regarded Perth-based paediatric haematologist and oncologist Dr Catherine Cole as its chief medical officer.
The news of both appointments has continued to fuel a stellar rise in the company's share price, which traded 11.3 per cent higher today to 24.5 cents on the best turnover since April. The company's share price is up 360 per cent since the start of June.
Smith was the director of business development at Melbourne's Cell Therapies, which develops and manufactures advanced cell-based therapies and is located within the city's pioneering Peter MacCallum Cancer Centre. He has held key roles at Genzyme Corporation, Mesoblast Inc and GlaxoSmithKline in the US, as well as other leading companies in the cell therapy sector.
NeuroScientific says that having led programs across their full therapeutic cycle, including pre-clinical development and clinical trials, Smith has extensive experience in navigating regulatory approvals and developing commercial product supplies.
Smith said he was excited to help advance the technology and make it accessible to patients with serious and life-threatening conditions.
'I was attracted to NSB given the historical success of StemSmart in multiple serious clinical disorders and the clear potential of the technology for further development,' he said.
The high-level executive duo of Smith and Cole join a strong leadership team, which also includes Perth-based haematology medical scientist Dr Marian Sturm, as NeuroScientific's chief scientific officer. Sturm pioneered the use of the MSC used in StemSmart over the past 20 years in her former role as facility director of Royal Perth Hospital's Cell and Tissue Therapies centre.
StemSmart offers a step up from traditional MSC manufacturing in that the cells are grown in a special media, becoming activated in the process. The platform technology was developed at Royal Perth Hospital and manufactured using the hospital's processes.
The cells have been used many times over the years via early-phase clinical trials, studies and on compassionate grounds, with promising results.
Later in the year, the company expects to receive the interim results from its latest compassionate trial involving patients with difficult-to-treat fistulising Crohn's disease, in which an open wound develops from a gut flare-up that extends out to the skin.
A successful trial will help the company validate its proprietary StemSmart technology in this patient group, who otherwise have limited treatment options.
NeuroScientific has created a bit of a whirlwind this year with its Isopogen acquisition, re-energised leadership team and a $3.5 million capital raise. The funding has handed the company a $7.5 million war chest to support further trials and development and helped it generate plenty of momentum towards its long-term goal of partial or full registration for StemSmart, first up as a Crohn's treatment.
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