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BOCA RATON, Fla. and JERUSALEM, Israel, Sept. 25, 2018 (GLOBE NEWSWIRE) -- Hollywood Media Corp. (OTC Pink: HOLL) announced today it has changed its corporate name to NovelStem International Corp. and that its common stock will commence trading under a new OTC Pink symbol “NSTM” and new CUSIP number 67001V109, effective September 26, 2018.
The NovelStem International name reflects the Company’s strategic transformation through a July 2018 acquisition of an initial 20% stake in Jerusalem, Israel-based NewStem Ltd. (view acquisition press release). The Company is now focused on NewStem’s novel stem cell-based diagnostic technology and has the right to increase its NewStem ownership up to 33% based on the completion of up to $2 million in follow-on contributions.
NewStem has developed diagnostic technology that can predict patients’ resistance to chemotherapy to allow for better, targeted cancer treatments with the potential to reduce incidents of chemotherapy resistance. Drug resistance is a major cause of treatment failure in cancer chemotherapy, and currently it is only recognized after the first course of treatment has been completed. NewStem’s diagnostic solutions are based on the research of human haploid pluripotent stem cells by Chief Science Officer Professor Nissim Benvenisty of the Azrieli Center for Stem Cells and Genetic Research at The Hebrew University of Jerusalem. NewStem’s technology enables informed, personalized selection of chemotherapy treatments for cancer patients.
About NovelStem International Corp.
NovelStem is focused on the substantial commercial potential of NewStem Ltd.’s novel stem-cell-based diagnostic technology, which can predict patients’ resistance to chemotherapy to allow for better, targeted cancer treatments with the potential to reduce incidents of chemotherapy resistance. NovelStem has a 20% stake in NewStem and the right to increase its ownership up to 33% based on the completion of up to $2 million in follow-on contributions over the next 18 months. NovelStem has 35.4 million common shares outstanding.
NewStem is a spinoff of Yissum, The Hebrew University of Jerusalem’s technology-transfer company led by CEO Ayelet Dilion-Mashiah. NewStem’s diagnostic solutions are based on the research of human haploid pluripotent stem cells (hHPSCs) by Professor Nissim Benvenisty of the Azrieli Center for Stem Cells and Genetic Research. NewStem holds the intellectual property, reagents and experience required for hHPSC isolation, differentiation, genetic manipulation, immunogenicity and tumorigenicity.
NovelStem also owns a 50% interest in Netco Partners, a joint venture that owns the Net Force publishing franchise, which delves into the thrilling and fast-paced worlds of digital crimes, espionage and crypto-currencies. NovelStem is working to relaunch Net Force by seeking a new publishing agreement that would target the release of the first new book starting in 2019.
Bill Jones or David Collins – Catalyst IR