Progenitor Cell Therapy, LLC Appoints Chief Financial Officer

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Contract services company PCT adds experienced CFO John P. Gandolfo to executive team

Progenitor Cell Therapy, LLC (PCT) announced today the appointment of John P. Gandolfo as Chief Financial Officer effective January 2, 2009.

Mr. Gandolfo has over 21 years of experience as chief financial officer of rapidly growing private and publicly held companies with a primary focus in the life sciences, healthcare and medical device sectors. He has had direct responsibility over private and public capital raising, financial management, mergers and acquisition transactions and SEC reporting throughout his professional career. His in-depth experience is across corporate finance, M&A, treasury, SEC reporting, corporate operations and Sarbanes Oxley compliance. Mr. Gandolfo has to-date raised approximately $200 million through four initial ("IPO") and secondary public offerings of common stock and over $85 million through private investors, venture capitalists and convertible debt transactions.

Previous to this appointment, Mr. Gandolfo was Chief Financial Officer of Power Medical Interventions, Inc. ("PMI"), a publicly held medical device company that manufactures and markets computer assisted endo-mechanical surgical instruments. With PMI, Mr. Gandolfo raised approximately $75 million in 2007 through a convertible debt offering and IPO of common stock.

Previous positions include Chief Financial Officer of Bioject Medical Technologies, Inc., a publicly held supplier of needle free drug delivery systems to the pharmaceutical and biotechnology industries, where he was responsible for capital raising and the successful licensing of the Company's technology to various pharmaceutical companies. For a number of years, Mr. Gandolfo was also Chief Financial Officer and Chief Operating Officer of Impath, Inc, a publicly held cancer information company that provided diagnostic and prognostic cancer analysis to hospitals and pharmaceutical companies. In addition, he was also Chief Financial Officer of Medical Resources, Inc., a publicly held manager of diagnostic imaging centers throughout the United States.

A graduate of Rutgers University, Mr. Gandolfo is a certified public accountant (inactive status) who began his professional career at PricewaterhouseCoopers.

Mr. George S. Goldberger, PCT's Chief Business and Financial Officer for the past ten years, will now focus on growing PCT's sales, marketing, and corporate development activities, with emphasis on expanding PCT's presence in Europe and Asia.

"We are very pleased to add someone with such depth of experience to our executive management team," states PCT Chief Executive Officer, Dr. Andrew L. Pecora. "With PCT expecting to close its current round of expansion fundraising soon, we will value his experience and focus on the fiscal health of the company and investor return while we continue to expand and position the company in this rapidly growing field of cell therapies and regenerative medicine."

"PCT is a company with a strong, decade-long track record and excellent profile that is well-positioned for rapid growth in an exciting life science field. I am truly excited about joining an organization with an outstanding management team and Board of Managers,." stated Mr. Gandolfo. "I look forward to using my financial and strategic skills in support of the continued growth of PCT and enhancing value for our employees and investors."

About Progenitor Cell Therapy, LLC
Progenitor Cell Therapy, LLC (PCT) is a client-based company providing cell therapy service solutions for the research, development, manufacturing, and commercialization of cell-based therapies. With its cell therapy manufacturing facilities and team of experienced professionals, PCT provides current Good Manufacturing Practices (cGMP)-compliant services for pre-clinical and clinical development, manufacturing, and eventual commercialization of cellular therapies for clients throughout the world. For more information, please visit

George S. Goldberger, Chief Business Officer
(201) 883-5314

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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