WideCells Group PLC (LON:WDC) has announced that its 100%-owned stem cell storage and research division WideCells Ltd has been granted a government-backed Innovate UK Knowledge Transfer Partnership with Manchester Metropolitan University to undertake research on a new form of stem cell technology.
The healthcare services company said as part of this three-year research project, Innovate UK will provide £156,000 worth of funding towards a total project cost of £234,000.
WATCH: WideCells gets UK grant for pioneering skin-based stem cell technology
The new technology allows specialised adult cells such as skin cells to be genetically reprogrammed to assume a stem cell-like state and accordingly be used in stem cell treatment and in the study of disease.
Following the research project, WideCells hopes to have these advanced induced pluripotent stem cells (iPSCs) to a point of commercialisation so that the technology can be included in the group’s end-to-end stem cell service offering.
Innovate UK, a government-backed public body that is committed to driving growth by working with companies to de-risk, enable and support innovation, will provide £52,000 per annum in funding for the three-year project and WideCells Group will provide £26,000 per annum.
Joao Andrade, CEO of WideCells, said: “By supporting the continued development of the industry, we help to ensure that our end-to-end stem cell service, which includes our unique stem cell insurance product, Cellplan, remains relevant to the market.”