WideCells teams up with Biovault Technica

7th Nov 2016 14:20

(ShareCast News) - Stem cell banking-focused healthcare services company WideCells Group announced on Monday that its wholly-owned subsidiary CellPlan, which has developed what it claims is the world's first stem cell healthcare insurance plan and medical concierge service, has signed a non-binding letter of intent with Biovault Technica.The London-listed firm said Biovault operates the UK's largest private human tissue storage facility, as well as a family stem cell processing facility.It said CellPlan will offer its stem cell healthcare insurance plan and services to Biovault's client base, whereby its insurance plan will cover the cost of treatment using stem cells stored by Biovault and its affiliates.When completed, it will deliver a new revenue stream to the company.The board said the two parties are currently finalising market roll-out plans and hope to sign a definitive, binding agreement by the end of the year, subject to due diligence and final management approval.Commercial roll out and sales of CellPlan to Biovault customers is currently targeted to commence early 2017."This is transformational for CellPlan," said WideCells CEO João Andrade."Since launching in May 2016, the effective roll out of CellPlan has been central to our strategy to make life-saving stem cell treatments more affordable and ultimately accessible for all."Andrade said the signing of the letter of intent with Biovault is a first step in the provision of an unrivalled platform from which to achieve that goal."Biovault has a reputation for excellence in the UK's stem cell storage industry and we are delighted to be working with them as we continue to develop CellPlan into the foremost stem cell healthcare insurance plan."Having recently secured a number of key team members to work alongside our bolstered board, our focus over the coming months will be to formalise the agreement with Biovault with a view to rolling out CellPlan in early 2017."Andrade said the board continued to seek further partnerships that will enable it to maintain the momentum it has gained since the plan launched earlier this year.Biovault CEO Kate Sneddon said her company was excited to be able to work with CellPlan in pioneering the approach to make stem cell treatment more accessible and affordable."Through our work supporting clinical transplant services in the UK we have first-hand experience of the complexity of these treatments and the specialist care required."We feel offering CellPlan insurance to our customers is a great way to increase the awareness and use of stem cell treatments."