GOLDEN, Colo. ï¿½ June 2, 2011 (Investorideas.com Newswire) - Vitro Diagnostics, Inc. (OTCQB:VODG), dba Vitro Biopharma, is pleased to announce the appointment of Duane C. Knight, Jr., CPA, to its Scientific Advisory Board. While officially a Scientific Advisory Board, this group of individuals provides their scientific and business acumen to assist the Company in the achievement of its overall goals. Mr. Knight has more than twenty-five years' experience in consulting, accounting and corporate finance. He is presently Operational Chief Financial Officer of Neuromonics, Inc., a medical device company that manufactures and distributes an FDA-approved and patented device to treat tinnitus, ringing in the ears, to global markets. He has an accomplished record in business finance including partnership of a Denver, CO-based investment bank, CFO of another medical device firm and owner of a public accounting and consulting firm. Mr. Knight was brought in to assist in the ongoing business development activities of the Company, especially as related to turn-around to profitability and the achievement of sustained earnings growth and other relevant financial activities. Mr. Knightï¿½s addition to Vitroï¿½s management team complements and extends the technical and business expertise of its team that includes, in addition to Mr. Knight, two directors & officers who have extensive scientific and business experience together with two additional SAB members who provide scientific and business input to the Company.
From 2009 to the present, Mr. Knight is the Operational Chief Financial Officer of Neuromonics, Inc., a privately held Australian firm, that is one of the only firms to offer an FDA-approved treatment of tinnitus, an often debilitating condition with continual ringing in the ears without auditory input. He oversees operations, finance (including a $2-million fund raise), accounting, auditing interface, HR and administration, corporate governance and IT. From 2007 to 2009, he was a partner of Trinity Capital Services, LLC, a Denver, CO-based investment bank, where he headed up the life science practice, while directing FINRA compliance, numerous private placements into client firms and sell side M&A engagements. From 2002 to 2007, he was Chief Financial Officer and VP of Finance of Denver Biomedical, Inc., a medical device firm that developed a novel catheter for the treatment of excess fluid buildup in typically terminally ill cancer patients. During his tenure, his responsibilities included business development that yielded 25% CAGR and EBITA CAGR of 34%. He was also responsible for gaining coverage by private insurance (Aetna) and Medicare reimbursement. He led several significant transactions including exit of a venture partner, recapitalization with a private equity firm, debt refinancing and ultimately, sale of the company to Cardinal Health, Inc. He was retained by Cardinal Health, Inc. to complete post-acquisition finance and integration/transition activities. Prior to 2002, Mr. Knight established his own public accounting and consulting firm and performed finance operations for various public and private firms, and was a senior audit manager for Hein & Associates, LLP.
Mr. Knight said, "I am pleased to join Vitroï¿½s SAB at this point of its development and plan to use my experience and my connections within the biomedical and financial industry to assist Vitro in attaining sustained profitability by leveraging the strong competitive advantages of its present line of stem cell-based products to capture of significant global market share. There is a dynamic growth opportunity within the stem cell sector due to the demonstrated abilities of stem cell technology to radically alter regenerative medicine through advanced treatments of numerous untreatable and under treated diseases, injuries and age-related degenerative conditions."
About Vitro Diagnostics, Inc.
Vitro Diagnostics, Inc. dba Vitro Biopharma (OTCQB: VODG) (http://www.vitrobiopharma.com), owns U.S. patents for production of FSH, immortalization of pituitary cells, and a cell line that produces beta islets for use in treatment of diabetes. Vitro also owns a pending international patent for generation of pluripotent stem cells. Vitro's mission is "Harnessing the Power of Cellsâ„¢" for the advancement of regenerative medicine to its full potential. Vitro operates within a modern biotechnology manufacturing, R&D and corporate facility in Golden, Colorado. Vitro manufactures and sells "Tools for Stem Cell and Drug Developmentâ„¢", including human mesenchymal stem cells and derivatives, optimized media for stem cell self-renewal and lineage-specific differentiation. Vitro recently formed a strategic alliance with HemoGenixï¿½, Inc. (http://www.hemogenix.com/) to jointly manufacture and distribute Lumenescâ„¢ and LumiSTEMâ„¢ quantitative assays for determination of stem cell quality, potency and response to toxic agents.
Safe Harbor Statement
Certain statements contained herein and subsequent statements made by and on behalf of the Company, whether oral or written may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are identified by words such as "intends," "anticipates," "believes," "expects" and "hopes" and include, without limitation, statements regarding the Company's plan of business operations, product research and development activities, potential contractual arrangements, receipt of working capital, anticipated revenues and related expenditures. Factors that could cause actual results to differ materially include, among others, acceptability of the Company's products in the market place, general economic conditions, receipt of additional working capital, the overall state of the biotechnology industry and other factors set forth in the Company's filings with the Securities and Exchange Commission. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward looking statements, whether as a result of new information, future events or otherwise.
1. Market research data provided by BCC Research.
Vitro Diagnostics, Inc.Dr. James Musick, 303-999-2130Chief Executive Officer[email protected]
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Disclosure, Disclaimer/ Disclosure -Vitro Diagnostics, Inc. dba Vitro Biopharma (OTCQB:VODG) showcase stem cell stock, one month, $one thousand, April - May 2011