SAN DIEGO, California –May 31, 2023. The Board of Directors of Stemedica Cell Technologies, a best-in-class manufacturer of ischemic tolerant stem cells, announced today that it has appointed Michael K. Steinhauser as Chief Executive Officer and Interim Chairman of the Board.
Steinhauser joins Stemedica with over 40 years of pharmacy and healthcare business experience owning both a long-standing pharmacy chain and incubator for additional start-ups. His background is in mergers and acquisitions as well as operations and contractual development.
“Mike brings a wealth of experience to Stemedica’s Board and management team,“ said Nikolai Tankovich, MD, PhD, president and chief medical officer of Stemedica. “His business and management background will complement Stemedica’s efforts to secure essential funding, and Mike’s long-time involvement as Founding Member of the Jack Jablonski Foundation, a non-profit organization dedicated to making paralysis recovery possible, makes him keenly aware of the need for stem cell therapies to make it to market.”
Before joining Stemedica, Steinhauser was CEO of Merwin Drug, Merwin Long Term Care Pharmacy, Merwin IV/Specialty Pharmacy and Merwin Home Medical. He and his brothers grew the long-term care pharmacy business into the largest in the Midwest. Steinhauser also serves as Chairman of Corner Home Medical, the largest Durable Medical Equipment supplier in the Midwest and plays a critical leadership role in, strategic planning, executive leadership and mergers and acquisition. Steinhauser was also involved in the development of the largest pharmaceutical buying group in the country, Independent Pharmacy Cooperative, helping lead strategic initiatives, serving as board chair and having negotiated supply agreements for 7,000 independent pharmacies in the United States with volume of over $6 billion annually. Currently, he is also Chairman of the Board for North Memorial Health, a hospital system with annual revenues of over $1 billion.
“It is a pivotal time to be joining Stemedica, with the company’s lead mesenchymal stem cell product recently receiving FDA IND approval to advance to a Phase IIb/III clinical trial for ischemic stroke,” said Steinhauser. “I look forward to helping Stemedica take this next step in advancing its product on the path to commercialization.”
Steinhauser’s appointment follows Stemedica Co-Founder Roger Howe, PhD stepping down as Chairman. Dr. Howe will continue to serve as an advisor to the company. Steinhauser continued, “I want to thank Roger for his dedication and valuable insights as Chairman throughout the company’s eighteen-year history. We will continue to forward Stemedica’s mission to provide stem cell therapies for underserved medical conditions.”
About Stemedica Cell Technologies, Inc.
Stemedica is a global biopharmaceutical company that manufactures allogeneic adult stem cells. The company is a government licensed manufacturer of cGMP, clinical-grade stem cells used in US-based clinical trials for ischemic stroke and Alzheimer’s disease. Stemedica’s products are also used on a worldwide basis by research institutions and hospitals for pre-clinical and clinical (human) trials. Stemedica is currently developing additional clinical trials for other medical indications using adult, allogeneic stem cells under the auspices of the FDA and other international regulatory institutions. The company is headquartered in San Diego, California. www.stemedica.com
Forward Looking Statements
This press release may contain forward-looking statements. Forward-looking statements are based on management’s current expectations and are subject to various risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied by such forward-looking statements. Accordingly, these forward-looking statements do not constitute guarantees of future performance and you are cautioned not to place undue reliance on these forward-looking statements after the date of this press release.
For additional information, please contact info@stemedica.com.