MultiCell Technologies Inc. (OTCBB: MCET) rocketed higher in price by 373.9% to 2.18 cents shortly before Tuesday’s close, on word the company had been granted a stem cell patent. Volume for the stock was 461.8 million shares.

The company, based out of Woonsocket, Rhode Island, announced the issuance of U.S. patent 7,935,528 by the United States Patent and Trademark Office (USPTO) relating to the isolation and use of human liver stem cells to treat liver disease.Under the terms of its license agreement with Rhode Island Hospital, MultiCell Technologies is the worldwide exclusive licensee of U.S. patent 7,935,528.

The patent describes methods to isolate and use human liver stem cells to treat degenerative liver diseases, or inherited deficiencies of liver function. Patients who suffer from severe, irreversible liver disease for which other medical and surgical treatments have failed are often candidates for a liver transplant. Liver stem cells which differentiate into functional mature hepatocytes could help to reconstitute a diseased liver, and may be an alternative approach to whole organ transplants for certain liver diseases.

CEO Gerald Newmin, noted, “We are pleased the USPTO has agreed that our liver stem cells are indeed novel and may lead to important therapeutic applications. Our efforts to better understand liver stem cell biology, and the role these cells play in chronic liver disease and primary hepatocellular carcinoma, is a major focus of the Company.”

MultiCell Technologies, Inc. is a clinical-stage biopharmaceutical company developing novel therapeutics and discovery tools that address unmet medical needs for the treatment of neurological disorders, hepatic disease and cancer.