Proactive Investors - Run By Investors For Investors

Widecells in tie-up with Cali-based medical device group

The partnership could be worth up to £100,000 for Widecells and adds another revenue stream for Widecells
stem cell under a microscope
Widecells is primarily focused on making stem cell treatment more accessible and affordable

Stem cell specialist Widecells Group PLC (LON:WDC) has inked a letter of intent with a California-based medical device company that could be worth up to £100,000.

Qigenix has agreed to pay the sum in three stages so it can use Widecell’s Institute of Stem Cell Technology (ISCT) in Manchester to undertake some research.

“We established the Institute of Stem Cell Technology in order to create a stem cell processing and storage facility in the UK,” said chief executive João Andrade.

“Whilst we continue to make excellent progress in this regard we are delighted to have identified a second potential revenue stream from this facility.” 

An upfront payment of £25,000 is binding under the LOI and will be paid before the year is up, while the remaining £75,000 will be paid in two instalments, with final payment due when the research project is completed, schedule to be in the second quarter of 2018.

The two parties are aiming to sign a definitive, binding agreement before 1 March 2017.

In order for the research to be carried out at the ISCT, Widecells has had to apply to the Human Tissue Authority for a Human Application Licence.

The research project is planned to begin in the first half of 2017, the same timeframe in which Widecells expects its ISCT to become operational.

View full WDC profile View Profile

WideCells Group Timeline

Related Articles

PT exercises
December 19 2018
The Californian company is a bet on an industry that is in need of transformation
December 03 2018
Since September, the group's portfolio has steamed ahead with a number of new and successful clinical trials, as well as a boost from the float of one of its companies on the Nasdaq
scientist looking through microscope
April 11 2018
Kumaraguru Raja sees “multiple catalysts” in the year ahead which could put a rocket under the share price

© Proactive Investors 2019

Proactive Investors 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