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Europe's biggest cord blood bank FamiCord Group signs letter of intent with Indian CelluGen Group

Health Medical Pharma


FamiCord Group (Europe) and CelluGen Biotech (India) have signed a letter of intent regarding the future cooperation in the field of family cord blood banking of stem cells and the use of stem cells in experimental and standard therapies. The companies also declare the start of cooperation and partnership in the field of joint development of advanced medical therapies (ATMP) and drug development, as stated in the announcement.

"We have decided to start cooperation with CelluGen because it can generate beneficial synergies for both companies in the field of family-based stem cell banking and the development of new stem cell-based drugs. Cooperation with CelluGen may also be a potential opportunity for the FamiCord Group to enter a new market outside Europe depending on the development of our cooperation; we do not rule out that in the future the next step may be capital involvement", said Jakub Baran, Co-founder and Shareholder of FamiCord Group.

The Polish Stem Cell Bank was established in 2002 and is involved in the acquisition, processing and long-term storage of stem cells derived from umbilical cord blood and other post-natal tissues. FamiCord is Europe's Biggest cord blood bank and among the world's leader in the industry. They are present in 27 countries with 10 International cord blood storage facilities. The company debuted on the Warsaw Stock Exchange in 2016.

"India with a birthrate of close to 26 million and a high disease burden provides the opportunity for CelluGen to collaborate with FamiCord on many fronts. We have to our credit the long-standing efforts in stem cell research and the innovative concept of pioneering the Family Cord Blood Pool Banking. FamiCord as leaders in Europe for cord blood banking brings with it immense knowledge & experience", said Lalit Jaiswal Promoter and Director of CelluGen Biotech.

CelluGen is based in Gurgaon, India. It was founded in 2008 as a private research company dealing with stem cells. CelluGen is the initiator and originator of the first hybrid stem cell bank in India. It offers the latest technology for collecting, processing and using stem cells from umbilical cord blood and tissues. CelluGen besides being internationally recognised for pioneering the concept of the effective utility of allogeneic cord blood for family cord blood banks has been recently awarded the 'Innovative Award' by the Indian Society of Cellular Therapy.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, April 25 2019. 14:54 IST