SAN DIEGO, Oct. 5 /PRNewswire/ — 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 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 devel
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