A portion of the funds will also be used to develop a Client Relationship Management (CRM) System for use across all three of its divisions.
CellPlan, Widecell’s stem cell insurance product is ahead of management expectations and has received applications from numerous cord blood banks in respect to offering CellPlan to their clients.
These banks together store over 175,000 stem cell samples and Widecells is now carrying out quality assessments.
A new stem cell storage facility at the Institute of Stem Cell Technology at the University of Manchester Innovation Centre (UMIC), remains on track to become operational this quarter, while a contract research facility will now also be added.
WideAcademy, meanwhile, will receive funding to support initiatives developed by Alan Greenberg, the former Director of Education at Apple, who recently joined as a non-executive with the aim to establish it as high-profile resource for both healthcare professionals and families.
João Andrade, Widecells chief executive, said the new funds would enable it to expedite both market penetration and the establishment of new revenue streams.
“Positively, the board's participation in the Placing aligns them closely with our shareholder base and incentivises them to successfully execute on these new plans. Five board members including Andrade have applied for 160,000 shares.
" CellPlan is receiving a fantastic reception and the level of interest from storage facilities is beyond our original expectations. In terms of WideCells, thanks to a contract to conduct research at our Institute of Stem Cell Technology, we are already generating revenues ahead of our original plans. Therefore, we have allocated some funds to capitalise and grow our presence in this market,” he said.
“Finally, Alan Greenberg has presented us with an opportunity to establish WideAcademy as a go-to digital resource for healthcare professionals and families who want to find out more about the US$100bn stem cell industry.
“We plan to build an App, and collaborate with leading digital influencers who share our vision of making the cutting edge more accessible.”
The new placing shares were issued at 12p.