FamiCord Group and India’s CelluGen Biotech have signed a letter of intent regarding the future business 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 declared the start of cooperation and business partnership in the field of joint development of advanced medical therapies (ATMP) and drug development, as stated in the announcement.

Jakub Baran, Co-founder and Shareholder of FamiCord Group, said "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.”

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.

Lalit Jaiswal Promoter and Director of CelluGen Biotechsaid, “India with a birthrate of close to 26 million and a high disease burden provides 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.”

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.

The companies also declared the start of cooperation and business partnership in the field of joint development of advanced medical therapies (ATMP) and drug development.