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WideCells Group clinches deal to launch stem cell insurance product in Asia

The healthcare services group said the agreement had been signed with Cryoviva, a cord blood storage facility with operations in Thailand, Singapore and India
Medical Microscope
CellPlan allows users to store their stem cells for treatment in the future

WideCells Group PLC (LON:WDC) has signed a deal to bring its stem cell insurance product, CellPlan, to the Asian market.

The London main market-listed healthcare services group said the agreement had been signed with Cryoviva, a cord blood storage facility with operations in Thailand, Singapore and India.

READ: WideCells granted Innovate UK Knowledge Transfer Partnership for stem cell technology

CellPlan allows users to store their stem cells for treatment in the future, protecting them from unforeseen healthcare costs, with an average cost of £170 per annum.

The company added that Cryoviva to date had almost 250,000 inspected samples stored, with forecasts to store around 25,000 new samples per year going forward.

The product will be launched to Cryoviva customers on a phased basis, commencing in the second half of 2018, and would provide staged revenue increases, WideCells said.

WATCH: WideCells secures deal with international stem cell storage giant

The agreement will be another step in geographical expansion for the group, following recent contracts in both Europe and South America.

João Andrade, WideCells chief executive, commented: "With over 250,000 clients, established operations in three countries and around 25,000 new samples being stored every year, this deal with Cryoviva is set to transform the revenue profile of our company.  Our innovative insurance product has the potential to revolutionise the stem cell market by making treatment much more affordable.

He added: “This strategic agreement with Cryoviva will enable us to launch CellPlan in one of the fastest growing stem cell markets where there is clear demand for stem cell services.  By implementing a staged roll-out model, we are able to ensure the stable growth of our operations in each country and provide a solid base for continued growth."

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