PITTSBURGH & BERLIN--(BUSINESS WIRE)--RenovaCare, Inc., (RCAR), developer of the SkinGun™ and CellMist™ System for spraying a patient’s own skin stem cells onto burns and wounds for rapid self-healing, today announced the appointment of Mr. Harmel S. Rayat, longtime majority stockholder, as Chairman of its Board of Directors.
Mr. Rayat has invested nearly $6 million in RenovaCare and its stem cell spray technologies. His early investment resulted in significant advancements to the SkinGun™, including:
- Engineers miniaturized an external power source from the size of a small microwave-oven down to a 9-volt battery;
- Nearly two dozen hand-assembled parts were replaced with a single disposable attachment for spraying a patient’s stem cells onto burns;
- New patents were filed in multiple jurisdictions to bolster the Company’s intellectual property portfolio and provide important commercial protections; and,
- Pre-clinical work was completed in support of the Company’s regulatory pathway.
Following these efforts, RenovaCare recently announced positive outcomes from its pre-submission meeting with the United States Food and Drug Administration (FDA).
Over 70 burn patients have been treated using the technology behind the RenovaCare SkinGun™, many leaving the hospital within a matter of days. Severe second-degree burn patients can be treated in as little as 90 minutes with a gentle spray of their own stem cells isolated from a postage stamp sized donor site.
The SkinGun™ technology has been validated in numerous peer-reviewed scientific papers and widely-covered in mainstream media, including Bloomberg, Forbes, CNN, National Geographic, Newsweek, and others.
In his role as Chairman, Mr. Rayat will work with the Board of Directors to support RenovaCare President and CEO, Mr. Thomas Bold, senior Company management, and clinical and regulatory teams as they work to bring the Company’s cell spray therapies to market.
Having invested in a wide range of technologies and industries over several decades, Mr. Rayat is an established entrepreneur-investor, best known for his portfolio of Class-A commercial properties in the U.S. and Canada (www.taliajevan.com).
Starting with a personal investment of $20 million in 2006, Mr. Rayat has since built a commercial real estate portfolio valued at $185 million, using modest leverage. His portfolio has generated annualized return on equity of 42% per year for the 12 years ending December 31, 2017, compared to 11% for the Dow and 17% for NASDAQ.
Mr. Harmel S. Rayat has shared his investment strategies on how to generate above-average returns with relatively low-risk at numerous public appearances, speaking engagements, and in his self-published book “Winning with Commercial Real Estate.”
*RenovaCare products are currently in development. They are not available for sale in the United States. There is no assurance that the company’s planned or filed submissions to the U.S. Food and Drug Administration, if any, will be accepted or cleared by the FDA.
About RenovaCare
RenovaCare, Inc. is developing first-of-their-kind autologous (self-donated) stem cell therapies for the regeneration of human organs, and novel medical grade liquid sprayer devices. RenovaCare, Inc. 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 US alone, this $45 billion market is greater than the spending on high-blood pressure management, cholesterol treatments, and back pain therapeutics.
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