Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

WideCells raises £650,000 as stem cells insurance plan gains momentum

CellPlan, Widecell’s stem cell insurance product is ahead of management expectations
picture of cells
Numerous cord blood banks have expressed interest in CellPlan

Stem cell storage specialist WideCells Group PLC (LON:WDC) has raised £649,000 through a private placing to speed up development of its three main divisions, CellPlan, WideCells and WideAcademy.

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.

WATCH: WideCells boss "very pleased" with investor response ...

To sign up for the Proactive newsletter click this link

 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.

To sign up for the Proactive newsletter click this link

PhilW.jpg
Why Invest In WideCells Group? Read More Here

Register here to be notified of future WDC Company articles
View full WDC profile View Profile

WideCells Group Timeline

Newswire
February 16 2017

Related Articles

shutterstock_127456451.jpg
March 30 2017
PIFA Heparin PF/4 - a diagnostic test for allergic reactions to blood thinning agent Heparin - achieved an 85% jump in sales in 2016
picture of pregnant woman
February 07 2017
MyLotus has been developed for women who have been trying to conceive for six months or more.
Cells
May 17 2017
Revenues are on the rise and the group’s efforts to bring in new business is delivering.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use