Stem cells services provider WideCells Group PLC (LON:WDC) has inked two more outlying deals to take it into the rapidly expanding Brazilian cord blood banking market.
Between them, the two new “reputable” storage and processing facilities have more than 5,000 high net worth clients on their books.
Once the agreement is binding, WideCells will offer its stem cell healthcare insurance plan to these customers which covers the cost of medical treatment for those using stem cells stored by the storage facilities and their affiliates.
The Brazilian cord blood banking market is projected to be worth almost US$450mln by 2023, making it the largest in South America’s “booming” stem cell industry.
Today’s deal follows hot on the heels of WideCells’ maiden definitive agreement with Biovault Technical – the UK’s largest private human tissue storage facility – earlier this month.
“These initial LOI agreements, which we look forward to converting into definitive sales agreements, mark a further notable step in the commercialisation of CellPlan, providing exposure to a new global region with strong growth prospects,” said chief executive João Andrade.
The group also announced this morning it has launched a new expert medical opinion service called YOUR EXPERT CONSULTATION.
The new product – which is available as part of the CellPlan package or as a standalone service – gives clients access to the “best medical minds” in the industry to ensure they get the correct diagnosis and are prescribed the best treatment.
YOUR EXPERT CONSULTATION came about after WideCells identified strong demand for an advice and opinion service from clients.
“With a low-entry price point, and a number of major global cord blood storage facilities showing their interest in this product, we believe the launch of this consultation service will not only create a new revenue stream for the Company, but also bolster sales opportunities for CellPlan,” Andrade added.