CyGenics Ltd, a leader in stem cell biotechnology from Australia, is all set to grab a lions' share from the cord blood banking sector in India. Last week, the company had set up CordLife Sciences (India) Pvt. Ltd, a cord blood banking company with its head office in Kolkata.
CyGenics has made an initial investment of approximately Australian $850,000 in the new entity and plans to build and operate a full umbilical cord blood tissue processing and storage facility in Kolkata, followed by regional offices in other Indian cities.
On their expansion plans, Ronald Hee, PR communications manager, CyGenics told Pharmabiz, "It is likely that Kolkata and other Indian cities will follow the same model as other Asian cities, where products under Cell Sciences have been introduced. We are also looking at the cellular therapy business in 2007 or 2008. We are exploring the possibilities of our clinical referral and medical tourism business of CLS Services, a subsidiary of Cell Sciences."
He further said that the company would expand first into the other major Indian cities, with large and affluent populations, such as Mumbai, New Delhi, Bangalore, Hyderabad and Chennai.
"It is likely that we will initially set up the cord blood banking related marketing operations in these cities", he added. But he refused to divulge investment plans by saying, "At this point, it would be premature to discuss plans about future investments."
Talking about the new plant, Hee said, "The plant will be an AABB (American Association of Blood Banks) standard facility. AABB supports high standards of medical, technical and administrative performance, scientific investigation, clinical application and education. It is widely recognised as the highest quality standards for cord blood banking operations. Our Singapore facility was AABB accredited last year, the first private bank in South and Southeast Asia to be accredited."
This will be the company's fourth facility, after Singapore, Hong Kong and Australia. The company has signed an agreement with Kolkata-based Woodlands Medical Centre, to help expectant parents understand cord blood banking.
CordLife Sciences (India) is an equity-partnership venture between CyGenics and Kolkata-based Strassenburg Pharmaceuticals. CordLife, a wholly-owned subsidiary of CyGenics, is a regional cord blood bank that operates a state-of-the-art AABB accredited facility in Singapore and a separate compliant facility in Hong Kong. The company currently has business activities in Australia, Singapore, Hong Kong, Indonesia, Philippines and Thailand.
CyGenics is a cell therapy company focused on the development and commercialisation of adult stem cell-related products, services, applications and technologies. From its headquarters in Australia, CyGenics operates four subsidiaries: Singapore-based CordLife (tissue banking services, in particular cord blood banking) and Cell Sciences (consumable cell culture products), and Cytomatrix (cell therapeutics and technology development), based in Boston, and CytoVations (new product development) based in New Jersey.
Last year, CyGenics had taken a 51% controlling equity interest in BioCell Pty Ltd, the second largest cord blood banking company in Australia.