Press release 19 November 2006

Magnecell appoints Nicholas Sleep as new CEO

Magnecell today appointed Nicholas Sleep as its new CEO. Nick takes over from Stefan Ogrodzinski who, as interim CEO, has been responsible for forming Magnecell and getting the company through its initial stages. Nick's first task will be to secure funding for the company.

"I am very pleased to be taking up this exciting opportunity with Magnecell," said Nick. "The company is in a unique position bringing together the emerging fields of nanotechnology and stem cell science. With its own therapeutic agenda and the short-term revenue opportunities from selling magnetic force bioreactors, the company is poised to make a big impact in tissue engineering and regenerative medicine."

Nick was previously VP Business Development at Procognia, a proteomics company based in Maidenhead, UK. There he was responsible for both in-licensing and out-licensing of technologies. Prior to this, he ran the Informatics business unit at The Automation Partnership.

Nick holds an MBA from Cranfield University School of Management, and and MEng from the University of Manchester Institute of Science and Technology (UMIST).

About Magnecell

Magnecell is opening new channels to therapy with nanotechnology by developing revolutionary tissue engineering productsby that use magnetic nanoparticles to overcome major problems associated with the ex vivo growth of human tissues and cells.

The company's technology is based on a Magnetic Force Bioreactor which allows us to control "real life" stress parameters in a sealed bioreactor culture environment. Coupled with world-class expertise in tissue engineering, this puts the company in a unique position in the rapidly emerging field of regenerative medicine.

Additional applications of the core technology cut across many other healthcare markets. As well as allowing tissues to be grown ex vivo on fine scaffolds, the technology aids in stem cell differentiation, produces improved cell-line models for drug screening and can improve levels of recombinant protein expression. Magnecell will enable these applications by selling and licensing assays and bioreactors.

Magnecell's patented technology was developed from biomedical research at Keele University and the North Staffordshire NHS Trust.

Contact

Nicholas Sleep, CEO
Magnecell
Dept. of Biomedical Engineering and Medical Physics
Centre for Science and Technology in Medicine
Keele University
Thornburrow Drive
Hartshill
Stoke-on-Trent
ST4 7QB
United Kingdom

t: +44 (7970) 790906
f: +44 (1782) 717079

e: nicholas.sleep@magnecell.com