Landmark deal to launch CellPlan insurance in Asia

RNS Number : 8402I

WideCells Group PLC

26 March 2018

 

26 March 2018

WideCells Group PLC ('WideCells Group' or 'the Group')

Landmark deal to launch CellPlan insurance product in Asia

WideCells Group PLC, the healthcare services company focused on providing stem cell services and ground-breaking insurance for stem cell treatment, is pleased to announce 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.

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 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.  

 **ENDS**

For further information, please visit the Group's website www.widecellsgroup.com, follow us on Twitter @WideCells_Group or contact:

WideCells Group	CEO - João Andrade	Tel:  [phone]
Smaller Company Capital Limited	Broker - Jeremy Woodgate & Rupert Williams	Tel: [phone]
Shard Capital Partners LLP	Broker - Damon Heath & Erik Woolgar	Tel: [phone]
WG Partners LLP	Broker - David Wilson, Claes Spång and Andrew Craig	Tel: [phone]
St Brides Partners Limited	PR - Charlotte Page & Isabel de Salis	Tel: [phone]

Notes to Editors

WideCells Group PLC

WideCells Group PLC is building an integrated stem cell services company, focused on making stem cell treatments accessible and affordable.  This is achieved through three divisions:

The Group has three divisions:

·     CellPlan: the world's first stem cell healthcare insurance plan with financial cover for medical treatment, travel and accommodation expenses and concierge service to manage the treatment process.

·     WideCells: The Institute of Stem Cell Technology has been established and is based in the University of Manchester Innovation Centre to provide stem cell storage services and focus on stem cell research and regenerative medicine. Its international cryogenics division specialises in stem cell storage, with the Group currently offering umbilical cord blood and tissue storage services to clients in the UK and Europe under the brand name BabyCells.

·     Wideacademy: an education and training division to promote awareness of the benefits of stem cell storage across the global general practice community.

The Group has built an experienced senior management team that has been integral to the development of its growth and business to date.

Stem Cell Fast Facts:

·     Cord blood (which is taken from the umbilical cord) provides the most effective source of stem cells for families due to it being simple, safe and painless to collect relative to other sources of stem cells such as bone marrow - WideCells will focus on promoting the collection and storage of cord blood.

·     Since 2005, there has been a 300% increase in the number of illnesses that can be treated using stem cells.

·     82 illnesses can currently be treated using stem cell procedures.

·     Despite initial storage often costing no more than a few £thousand, actual treatment can cost in the £hundreds of thousands

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR).

 

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