Baxter Representative Joins Progenitor Cell Therapy Board of Managers

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Paul Estrem replaces Victor W. Schmitt on PCT Board.

Progenitor Cell Therapy, LLC (PCT) announced today the addition of Mr. Paul Estrem to its Board of Managers. Mr. Estrem will replace Mr. Victor W. Schmitt as Baxter's representative on the PCT Board. PCT benefited from Mr. Schmitt's dedicated service on its Board from 2003 to 2007. "Victor was a staunch advocate of our corporate vision and mentor to our Executives. His guidance was appreciated and valued. We wish him continued success", says PCT's CEO Dr. Andrew L. Pecora.

Paul Estrem, age 42, brings a wealth of expertise and experience to PCT's Board of Managers. Paul, with Baxter since 1990, is the Chief Financial Officer for Baxter's BioScience Division and the President of BioScience 2002 LLC. Prior to his current position, Paul was the head of finance for Baxter's operations in Japan. Over his 17-year career with Baxter, Paul has held positions of increasing responsibility including corporate planning, manufacturing finance, and internal audit. Before joining Baxter, Paul was a public accountant with Arthur Andersen and Company for five years.

Paul earned his Master's in Management from Northwestern University's Kellogg Graduate School of Management and an undergraduate degree in accounting from Illinois State University.

"We are very pleased to welcome Paul to our Board of Managers," states Dr. Pecora. "His finance experience in the healthcare sector will be an invaluable addition to the wide-ranging depth of our outstanding Board. Starting with attendance at our shareholders' meeting earlier this month, Paul is already demonstrating a real commitment to his appointment. We look forward to his contributions to the continued growth and success of Progenitor Cell Therapy."

About Progenitor Cell Therapy, LLC.

Progenitor Cell Therapy (PCT) is a client-based cell therapy services company that supports the development and commercialization of cellular therapies. PCT provides cGMP compliant cell manufacturing and consulting services that address regulatory, financial, technical, process, and quality system strategies. Services include a full spectrum of support and consulting related to process and product development, validation, due diligence evaluations, tissue collection, processing, and storage, product manufacturing, distribution and transportation. For more information, please visit http://www.progenitorcelltherapy.com.

Contact:
George S. Goldberger
Chief Business Officer
Progenitor Cell Therapy, LLC
(201) 883-5314
ggoldberger @ progenitorcelltherapy.com

This press release does not constitute an offer to sell, or a solicitation of any offer to buy any securities of Progenitor Cell Therapy. In addition, certain of the statements in this press release are forward-looking statements relating to such matters as anticipated financial performance, business prospects, technological developments, new products, research and development activities and similar matters. These statements involve known and unknown risks, uncertainties, and other factors that may cause the company or its industry's actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "intend," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue" or the negative of such terms or other comparable terminology. Forward-looking statements are only predictions. Actual events or results may differ materially. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither the company nor any other person assumes responsibility for the accuracy and completeness of such statements. The company is under no duty to update any of the forward-looking statements after the date of this press release to conform such statements to actual results.

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George S. Goldberger
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