WideCell Group’s (LON:WDC) subsidiary CellPlan has signed a non-binding letter of intent to offer its stem cell treatment insurance to clients of the human tissue storage facility Biovault Technical.
Biovault has a register of over 25,000 customers which WideCells will have access to for an initial five year term.
The two parties are finalising market roll-out plans and hope to sign a definitive, binding agreement before the year is out, WideCells added.
Once this is completed, the tie-up will deliver a new revenue stream for the company and will be a “landmark development” in the commercialisation of CellPlan.
“This is transformational for CellPlan,” said WideCells chief executive João Andrade.
“Our focus over the coming months will be to formalise the agreement with Biovault with a view to rolling out CellPlan in early 2017.”
Andrade added that WideCells will continue to look for other partners for CellPlan.
The premise of CellPlan’s insurance is that it will help to make stem cell treatments – which are notoriously expensive – more affordable and accessible.
It provides up to £1mln of financial cover for everything from the medical treatment itself through to travel and accommodation expenses.
CellPlan also offers a concierge service to help manage the treatment process.