Stemedica International Announces Joint Venture with AnC Bio Group to manufacture allogeneic adult stem cells
Stemedica International, S.A., a wholly owned subsidiary of Stemedica Cell Technologies, Inc., announced the signing of an agreement to form a joint venture with AnC Bio, a global manufacturer of stem cell-based products. The new venture, StemedicaAnC, will manufacture allogeneic adult stem cells developed by Stemedica for the treatment of ischemic stroke and other degenerative disorders.
- San Diego, CA (1888PressRelease) October 23, 2010 - Stemedica International, S.A., ("Stemedica"), a wholly owned subsidiary of Stemedica Cell Technologies, Inc., announced the signing of an agreement to form a joint venture with AnC Bio, a global manufacturer of stem cell-based products. The new venture, StemedicaAnC, will manufacture allogeneic adult stem cells developed by Stemedica for the treatment of ischemic stroke and other degenerative disorders. The initial manufacturing capacity of this alliance will produce enough products to meet the Company's five-year revenue projections, with an expansion capacity to manufacture multiple stem cell products to meet the anticipated long-term growth of the international market for stem cells.
AnC's biomanufacturing facility was built at an estimated cost of 120 million dollars over a five year period. "The synergy between Stemedica's technology and AnC's technically advanced manufacturing facility positions StemedicaAnC as the global leader in stem cell production," said Nikolai Tankovich, MD, PhD, Stemedica's President and Chief Medical Officer. "The facility will provide StemedicaAnC with the capacity to manufacture its multiple allogeneic stem cell products to meet international safety and quality standards established by the United States FDA, Swissmedic, the European regulatory agency and Korea's FDA."
"We are pleased to be working with Stemedica to accelerate the advancement of stem cell therapy," said Alex Choi, Chairman and Chief Executive Officer of the AnC Bio Group. "This joint venture will provide stem cell products to institutions around the world that are conducting clinical trials and stem cell research."
"We have invested significant time and effort in our search for a best-in-class stem cell manufacturing facility to accommodate our technology," said Roger J. Howe, PhD, Executive Chairman of Stemedica. "AnC Bio provides an excellent fit for our international business development strategy."
"This is an exciting time for both companies," said Ike W. Lee, PhD, President and Chief Technology Officer of AnC Bio. "Stemedica's advanced technology and operating systems will be a significant addition to AnC Bio's manufacturing facility. I am looking forward to working with their team of scientists and engineers."
The joint venture will be overseen by a Board of Directors representing both Stemedica and AnC Bio. Planning for operations is expected to begin by year end.
About AnC Bio Group
AnC Bio Group is a Korean Corporation with three operating divisions: the cell therapy division which includes a state-of-the-art cell culture cGMP facility; the artificial organs division that designs, manufactures and distributes artificial human organs such as kidney dialysis and artificial combined heart and lung machines; and the vaccine division that develops, manufactures and distributes various kinds of cell culture-based vaccines including influenza, avian, Alzheimer's and anthrax. For more information regarding AnC Bio, please visit www.ancbio.com.
About Stemedica Cell Technologies, Inc.
Stemedica Cell Technologies, Inc. (www.stemedica.com) is a specialty biopharmaceutical company that develops and manufactures best-in-class allogeneic adult stem cells and stem cell factors for use by approved research institutions and hospitals for pre-clinical and human clinical trials. The company is currently developing regulatory pathways for neurology, cardiology, ophthalmology, wound care and dermatology. Stemedica is headquartered in San Diego, California. For more information regarding Stemedica Cell Technologies, Inc. contact Dave McGuigan at dmcguigan ( @ ) stemedica dot com
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