WideCells Group plc (LON:WDC) has signed a definitive agreement with Brazilian cord blood storage facility, Hemocord Clinica Medica Ltd, to supply its stem cell services.
CellPlan Limited, a wholly-owned subsidiary of Widecells, will offer new and existing clients of Hemocord its stem cell healthcare insurance plan and medical concierge service.
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Hemocord currently stores about 5,000 stem cells, which WideCells said will boost CellPlan’s customer base and give the company exposure to the largest cord blood storage market in South America - estimated to be worth US$445mln by 2023.
The CellPlan product has a reference price of £170 per year and it will generate an average of £50 from each sale, after disbursements, commissions and reinsurance costs.
"The market for services relating to stem cells in Brazil is strong and growing rapidly, and as such we are delighted that CellPlan is on track to deliver revenues from this exciting jurisdiction,” said WideCells chief executive, Joao Andrade.
“This agreement with one of Brazil's most established cord blood storage facilities represents CellPlan's second commercial contract and sees our first-of-its-kind healthcare plan enter a new geography, in line with our global ambitions. As a group, we have now forged two potential revenue streams in Brazil having also secured a stem cell storage facility in-country.”
WideCells said talks are also currently progressing with a number of cord blood storage facilities across the globe, with a further two well advanced.