Bangalore, Oct 26, 2006: RNL Bio Inc., a leading adult stem cell biosciences company in Seoul, South Korea, will establish its first US presence, RNL Biostar Inc., a research and development facility, at the Maryland Technology Development Center (MTDC) in Montgomery County.

 

Mr Jeong Chan Ra, Chief Executive Officer and President of RNL, and other RNL officials will participate in a lease signing ceremony with representatives from MTDC, Montgomery County Economic Development, the Maryland Technology Development Corporation and the Maryland Department of Business and Economic Development and locally elected Korean embassy members.

 

In September 2006, RNL Bio announced its plans to establish its first U.S. presence consisting of a headquarters and research unit in Maryland. RNL signed a memorandum of understanding (MOU) with the Johns Hopkins University School of Medicine to explore a joint partnership for research on adult stem cells for the therapeutic treatment of human disease.

 

Attracted by Maryland's rich research and development environment, world-class leadership in stem cell research and the Maryland Stem Cell Fund recently signed into law by Governor Ehrlich, RNL Bio hopes to advance the use of adult stem cell therapies in bone and spinal cord diseases, hepatic disease, and the regeneration of heart tissue following myocardial ischemia.

 

The Maryland Technology Development Center (MTDC) was the first high-tech business incubator in Montgomery County's Business Incubator Network. The facility features over 60,000 square feet of space and includes 24 wet labs, over 40 offices, four conference rooms, kitchen, copy center and reception area.

 

The MTDC is also home to the High Tech Council of Maryland and was home of the first-of-its kind Intellectual Property Law Center, created through a partnership with the University of Maryland School of Law. Since its opening in 2000, the Montgomery County Incubator Network has graduated over 35 companies that now employ over 1100 people in the County with an annual economic impact of over $1.6 million.

 

Mr David W Edgerley, Director of the Montgomery County Department of Economic Development, stated, “Being chosen as the home of RNL Biostar is a tremendous honor for our Business Incubator Network. When we opened the MTDC and created our Business Incubator Network it was with the dream of attracting and nurturing the best and brightest, creating a home for the next generation of industry leaders. That dream has been realized and with RNL Biostar moving in to our facility we are taking another important step in building a truly international network.”