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RenovaCare, Inc., (OTCQB:RCAR), developer of the patented CellMist™ and SkinGun™ technologies for isolating and spraying a patient’s own stem cells onto burns and wounds for rapid self-healing, today announced the appointment of healthcare executive and industry thought-leader, Michael M. Barch, to its Board of Advisors.
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Michael M. Barch, Adviser, RenovaCare, Inc. (Photo: Business Wire)
Barch currently serves as Chairman of the Board of the Health Care Council of the National Capital Area, and is former CEO of Public Benefits Corporation of the District of Columbia (PBC), responsible for delivering all public health in Washington, D.C.
“The RenovaCare suite of CellMist™ and SkinGun™ technologies herald a new generation of innovative stem cell therapies for wound care,” said Barch. “The prospect of scar-free healing while reducing pain, lowering patient stays in hospital, and cutting costs represents precisely the kinds of therapeutic solutions the healthcare industry seeks to adopt.”
Notably, for two decades he tenured as Chief Executive Officer at The George Washington University Medical Center, the youngest-ever executive appointed to oversee a major academic medical center. Barch developed a 300-physician group practice, built one of America’s earliest HMO’s from inception to its first 100,000 members, and helped position the University as D.C.’s largest real estate owner, second only to the federal government.
“Mr. Barch brings incredible depth and insight into the healthcare industry, hospital operations, and HMO systems,” said Thomas Bold, President and CEO of RenovaCare, Inc. “This is exactly the kind of know-how that better positions our SkinGun™ and CellMist™ technologies for clinical and commercial deployment. I’m proud to welcome Mr. Barch to our Board of Advisors.”
Barch previously served as Assistant Vice President at Johns Hopkins University School of Medicine, a $7.7B global health enterprise with 41,000-plus faculty and staff. He also developed six different state wide, managed care networks and was instrumental to the formation of HMO’s in two additional states.
As former Chairman of a pharmaceutical start up, Barch built the new venture from standstill to $40M in sales in only 48-months.
Barch has held senior management positions in nearly every facet of healthcare. He holds a joint degree in economics and finance from the University of Louisiana at Lafayette and a MHSA from The George Washington University.
About RenovaCare
RenovaCare, Inc. is developing first-of-their-kind autologous (self-donated) stem cell therapies for the regeneration of human organs. Its initial product under development targets the body’s largest organ, the skin. The company’s flagship technology, the CellMist™ System, uses its patented SkinGun™ to spray a liquid suspension of a patient’s stem cells – the CellMist™ Solution – onto wounds. RenovaCare is developing its CellMist™ System as a promising new alternative for patients suffering from burns, chronic and acute wounds, and scars. In the US alone, this $45 billion market is greater than the spending on high-blood pressure management, cholesterol treatments, and back pain therapeutics.
The statements in this press release have not been evaluated by the U.S. Food and Drug Administration (FDA). RenovaCare products are not approved for sale in the United States.
Legal Notice Regarding Forward-Looking Statements
No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although RenovaCare, Inc. (the “Company”) believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: the timing and success of clinical and preclinical studies of product candidates, the potential timing and success of the Company’s product programs through their individual product development and regulatory approval processes, adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, obsolescence of the Company's technologies, technical problems with the Company's research, price increases for supplies and components, litigation and administrative proceedings involving the Company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the Company's operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the Company's ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, and other risks. There can be no assurance that further research and development will validate and support the results of our preliminary research and studies. Further, there can be no assurance that the necessary regulatory approvals will be obtained or that the Company will be able to develop commercially viable products on the basis of its technologies. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent Form 10-Q and Form 10-K filings with the Securities and Exchange Commission. These reports and filings may be inspected and copied at the Public Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F Street, N.E., Washington, D.C. 20549. You can obtain information about operation of the Public Reference Room by calling the U.S. Securities & Exchange Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the U.S. Securities & Exchange Commission at http://www.sec.gov. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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