Breaking News

IBM No Longer Sees Delivering 'at Least $20 Operating EPS' in 2015
Tweet TWEET

Vitro Biopharma Appoints Established Life Science Sales Executive to Its Board of Directors

Vitro Biopharma Appoints Established Life Science Sales Executive to Its Board
of Directors

GOLDEN, Colo., Feb. 20, 2013 (GLOBE NEWSWIRE) -- Vitro Diagnostics, Inc.
(OTCQB:VODG), dba Vitro Biopharma, simultaneously accepted the resignation of
Mr. Erik Van Horn from its Board of Directors and appointed Pete Shuster, the
CEO of Neuromics, Inc. to its Board of Directors. Mr. Shuster is a seasoned
and experienced sales executive. He is the current owner of Neuromics, Inc.,
a privately held and profitable business focused on sales of numerous (>2500)
specialty life science products including stem cell products manufactured by
Vitro Biopharma. Neuromics, Inc. sales have grown over 5.5-fold since
inception in 2003. Shuster has extensive prior experience in managing sales
of computer software and related products for companies including Caterpillar,
Baxter Healthcare and Harley-Davidson.

Mr. Erik Van Horn has also resigned from Vitro Biopharma's Board of Directors
due to the request of his present employer. Vitro Biopharma is presently
engaged in expansion of sales of its stem cell products and is executing a
marketing and distribution strategy based on strategic expansion of its
product lines together with accelerated sales activity. Thus, while the Board
regrets the loss of Mr. Van Horn's management expertise and technical acumen,
its present business development activities are considerably strengthened
through the addition of Mr. Shuster to its Board of Directors.

Dr. Jim Musick, Vitro Biopharma's President & CEO, said, "I am very pleased to
have been associated with Mr. Erik Van Horn throughout his tenure with Vitro
Biopharma. Erik joined Vitro Biopharma in 1991 as an employee and was
instrumental in the establishment of the diagnostic antigen business unit that
was later sold to Venaxis,Inc., formerly Aspen Biopharma, Inc. (Nasdaq,
APPY). He subsequently contributed to the technical development of our
present stem cell product line while providing critical business guidance
throughout his role as a director of the company. On behalf of all Vitro
Biopharma shareholders, stakeholders and other associates, I congratulate Erik
on his contributions and service to the Company. I am also very pleased to
announce the addition of Mr. Pete Shuster to the Board of Directors. His
strong background in sales of similar products to those that we manufacture
represents a significant addition to our team. I greatly look forward to
working more directly with Mr. Shuster to advance our business plan focused on
expansion of sales of existing products and strategic addition of new
high-value products to enhance drug discovery and development through use of
well-characterized cell-based assay systems derived from stem cell technology
and through the introduction of novel products targeting select opportunities
within the field of regenerative medicine."

"Jim Musick and his team have developed an innovative platform for generating
umbilical cord blood and induced pluripotent derived stem cells", said
Shuster. "They are well positioned to provide both off the shelf and
engineered cells to align with the unique needs of pharmaceutical and biotech
companies in discovering new therapies for autoimmune and degenerative
diseases as well as certain forms of cancer. I look forward working closely
with Jim to generate profitable revenue from his current and future stem cell
based assay solutions."

There are currently no commitments or understandings regarding Mr. Shuster's
compensation as a director, although it is expected he will be offered some
form of equity package consisting of stock options, stock grants or a
combination. No decision has been made with respect to Mr. Shuster's service
on one or more standing committees of the Board.

About Mr. Pete Shuster

He received a Bachelor's Degree in Biology from Lawrence University in
Wisconsin during 1981 and performed graduate studies in biochemistry at the
University of Minnesota. He was in Sales and Sales Management with Teltech
from 1985 to 1994 where he was a top producer. He was a sales representative
at Connect, Inc from 1994 to 1995 where he sold systems integration solutions.
He was a Major Account manager at SDRC from 1995 to 1999 and Senior Account
Manager at EAI for sales of Product Visualization Software. At both of these
firms, he achieved significant sales success including completion of several
large transactions. In 1998, he was recognized as the #1 sales person
worldwide for total sales of Metaphase Product Data Management solutions with
multi-million dollar sales to Harley Davidson, Baxter Healthcare and Sauer
Sundstrand. From 1996 to 2002, he was the founder and owner of Kingdom2.com,
an online reseller of re-manufactured satellite systems. From 2000 to 2002 he
was Large Account Sales Director of PTC, a company that sold product data
management and CAD software, where he lead teams that sold to heavy equipment
manufacturers, including Caterpillar, John Deere and Case. The team achieved
sales > $15,000,000 in FY2001.

In 2003, he founded Neuromics, Inc, his present business that is a web-based
marketer of reagents to accelerate discovery in Neuroscience, Diabetes/Obesity
and Cancer offering products including antibodies, proteins, transfection
reagents, stem cell and primary cell lines, cell culture media and apoptosis
measurement kits. He maintains a strong presence in various social media and
is responsible for several blogs related to life science products. He has
considerable expertise and experience in strategic selling.

About Vitro Biopharma

Vitro Diagnostics, Inc. dba Vitro Biopharma (OTCQB:VODG)
(http://www.vitrobiopharma.com), owns US patents for production of FSH,
immortalization of pituitary cells, and a cell line that produces beta islets
for use in treatment of diabetes. In 2011, Vitro Biopharma out-licensed its
intellectual property related to treatment of infertility to Dr. James
Posillico, a renowned expert in Assisted Reproductive Technologies. Vitro
Biopharma also owns a pending US patent for generation of pluripotent stem
cells and an additional pending patent for methods of mesenchymal stem cell
(MSC) generation and related materials. Vitro Biopharma's mission is
"Harnessing the Power of Cells™" for the advancement of regenerative medicine
to its full potential. Vitro Biopharma operates within a modern biotechnology
manufacturing, R&D and corporate facility in Golden, Colorado. Vitro
Biopharma manufactures and sells "Tools for Stem Cell and Drug Development™",
including human mesenchymal stem cells and derivatives, the MSC-Gro™ Brand of
optimized media for MSC self-renewal and lineage-specific differentiation. In
addition to our FSH patent licensee, Vitro Biopharma maintains several
strategic partnerships including an alliance with Neuromics, Inc.
(www.neuromics.com). Neuromics, Inc. is a primary distributor of Vitro
Biopharma products and a well established manufacturer and distributor of a
large variety of life science research products especially focused on
cell-based assay systems We jointly manufacture stem cell assay systems with
HemoGenix®, Inc. (http://www.hemogenix.com/), known as the LUMENESC™
quantitative assay for determination of MSC quality, potency and response to
toxic agents. Vitro Biopharma has an agreement with Stemgenesis, Inc.
(http://www.stemgenesisinc.com) for distribution of its stem cell products
into select Chinese provinces. Also, Vitro Biopharma's CEO is a consultant on
an NSF grant at the City College of New York to advise Dr. Lane Gilcrest,
Professor of Materials Science and Engineering, and his colleagues regarding
the development of novel extracellular materials for use in self-renewal and
differentiation of mesenchymal stem cells.

Safe Harbor Statement

Certain statements contained herein and subsequent statements made by and on
behalf of the Company, whether oral or written may contain "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward looking statements are identified by words such as
"intends," "anticipates," "believes," "expects" and "hopes" and include,
without limitation, statements regarding the Company's plan of business
operations, product research and development activities, potential contractual
arrangements, receipt of working capital, anticipated revenues and related
expenditures. Factors that could cause actual results to differ materially
include, among others, acceptability of the Company's products in the market
place, general economic conditions, receipt of additional working capital, the
overall state of the biotechnology industry and other factors set forth in the
Company's filings with the Securities and Exchange Commission. Most of these
factors are outside the control of the Company. Investors are cautioned not
to put undue reliance on forward-looking statements. Except as otherwise
required by applicable securities statutes or regulations, the Company
disclaims any intent or obligation to update publicly these forward looking
statements, whether as a result of new information, future events or
otherwise.

CONTACT:
Dr. James Musick
Chief Executive Officer
Vitro Biopharma
(303) 999-2130 Ext. 3
E-mail: jim@vitrobiopharma.com

This information was brought to you by Cision http://news.cision.com

http://news.cision.com/vitro-biopharma--inc/r/vitro-biopharma-appoints-established-life-science-sales-executive-to-its-board-of-directors,c9373566
 
Press spacebar to pause and continue. Press esc to stop.