The stem cell specialist WideCells Group plc said it has concluded a revenue-generating deal that will see its unique services sold in the Middle East, North Africa and Asia.
First announced on October 11, the binding agreement with White Apex General Trading formally came into effect on Tuesday (Oct 31).
READ: WideCells ready to ink deal that expands its reach to the Middle East, Africa and Asia-Pacific
It triggers the immediate payment of £255,000 to the London-listed company to cover the initial set up of stem cell collection and dispatch services, and Wideacademy, which provides education and training for doctors.
Recurring revenues expected
A further £1.5mln is potentially payable for the adaptation of Wideacademy's platform for use in the Middle East, North Africa and Asia-Pacific regions.
The firm also expects “multi-million pound” recurring revenue from three key sources: CellPlan, its stem cell insurance product; storage and its synthetic bone product and the Wideacademy.
“Stem cells are revolutionising the medical world, and as we build our global reach we are also able to promote and support the development of this rapidly growing area of medicine so that more and more people can benefit from and have access to this potentially life-saving treatment,” said Widecells chief executive João Andrade.
"White Apex make the perfect partner for us. Thanks to their unrivalled regional experience and connections within the MENA and Asia-Pacific territories, we are able to rapidly build our global presence and commercial reach.”