RenovaCare CEO is elected board president

RenovaCare Inc., developer of patented technologies for spraying self-donated stem cells for the regeneration of skin and other organs and tissues, announced that CEO and President Alan L. Rubino has been elected to the additional role of board chairman. Rubino replaces Board Chairman Harmel S. Rayat, who resigned from the board.

Rubino was named president and CEO and a member of the company’s Board of Directors in November 2019 to build an experienced leadership team with a proven track record to focus the company on its planned transition from a pre-clinical stage to a development/commercial stage entity.

Rubino stated, “On behalf of the entire RenovaCare organization, I wish to thank Mr. Rayat for his many years of unwavering support and capital investment, crucial for the development of our CellMist and SkinGun regenerative technology platforms.”

Addressing his departure from the company, Rayat commented, “In addition to making a significant investment to finance the development of the company’s breakthrough technology, I endeavored to find a highly competent CEO that could take RenovaCare to the next level. Over the last year, Alan and his expanded management team have exceeded both the Board’s expectations and mine, and their extensive experience and wide-ranging capabilities have now allowed me to devote more time to my family office portfolio. As a long-time stockholder, I remain an ardent supporter of Alan and his entire team and look forward to the day that the SkinGun becomes the treatment of choice for patients everywhere suffering from severe burns and wounds.”

“We wish Mr. Rayat continued success in his future business endeavors,” concluded Rubino.

RenovaCare is developing first-of-its-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 United States alone, this $45 billion market is greater than the spending on high-blood pressure management, cholesterol treatments, and back pain therapeutics.

RenovaCare products are currently in development. They are not available for sale in the United States.  MPO