WideCells Group PLC (LON:WDC), the healthcare services company focused on providing stem cell services and ground-breaking insurance for stem cell treatment, has today announced that it has signed an agreement with Cryoviva Group (‘Cryoviva’), an established cord blood storage facility with operations in Thailand, Singapore and India, to sell its unique stem cell insurance product, CellPlan, in Asia.
DirectorsTalk caught up with CEO João Andrade to discuss this deal which you can listen to here.
Highlights
· CellPlan, the innovative stem cell insurance plan, to be launched in Asia following agreement with Cryoviva
· Cryoviva has established operations in Thailand, Singapore and India, and today has almost 250,000 inspected samples stored to-date with forecasts to store c.25,000 new samples every year
· Agreement provides CellPlan with exposure to a new geography, building upon recent contracts in Europe and South America
· Provides exposure to a high growth region: the global stem cell market is expected to register a CAGR of 13.8% from 2017 to 2025, with the Asia-Pacific market expected to grow at higher CAGR of 14.6%
· CellPlan will be launched to Cryoviva customers on a phased basis, commencing in H2 2018, providing staged revenue increases
WideCells Group Plc CEO, João Andrade, said, “With over 250,000 clients, established operations in three countries and around 25,000 new samples being stored every year, this deal with Cryoviva is set to transform the revenue profile of our company. Our innovative insurance product has the potential to revolutionise the stem cell market by making treatment much more affordable. This strategic agreement with Cryoviva will enable us to launch CellPlan in one of the fastest growing stem cell markets where there is clear demand for stem cell services. By implementing a staged roll-out model, we are able to ensure the stable growth of our operations in each country and provide a solid base for continued growth.”
Dr. Chaitanya Nerikar, the Group CEO of Cryoviva stated, “We strongly believe that our agreement with CellPlan will allow Cryoviva to continue to be the premium provider of services related to stem cell banking to its clients. Cryoviva and CellPlan intend to jointly strive to establish an insurance product that will go beyond its initial coverage for treatments related to cord blood stem cells and cover other innovative therapies and treatments using other types of stem cells, which will gradually become acceptable by the global medical community, thus underlining Cryoviva’s commitment to be the Bank of Life, and a Lifeline for a Lifetime to its clients.”
About CellPlan
CellPlan is a completely unique and a first of its kind insurance product that aims to transform the stem cell industry by making stem cell treatment affordable and accessible globally. Through an average cost of £170 per annum, families that have stored their stem cells are able to protect themselves from the often-unforeseen costs of treatment, which can be as much as £300,000.
CellPlan’s product offering comprises four primary services:
· “Your Expert Consultation” service, which comprises a panel of experts in stem cell transplantation able to review a patient’s case regardless of location and provide the right diagnosis and treatment plan;
· “Your Medical Certainty”, which provides a comprehensive summary of the patient’s case and identifies a selection of treatment centres where the patient can access treatment globally;
· “Your Global Resource”, which is a medical concierge service, whereby CellPlan handles the full treatment process, including any travel requirements, hospital admission and transportation of the stem cell sample, allowing patients to concentrate on getting well; and
· “Your Family protection”, where CellPlan provides cover for up to £/$/€1m (depending on the location) of medical, travel and accommodation bills.
