Stem Cell Therapy International, Inc. and Histostem, Co., Ltd., have signed a Memorandum of Understanding (MoU) for their companies to merge subject to further discussions with respect to operational details and the signing of the definitive agreement.
Calvin Cao, CEO and president, Stem Cell Therapy International, stated, "We are very pleased with the opportunity for us to be working with Histostem. They have made remarkable progress in the field of umbilical stem cell research and therapy."
By announcing the signing of the MoU, Dr. Han, CEO and president, Histostem said, "Our new relationship with Stem Cell Therapy Int'l, Inc. allows us to have a US presence since at this time we are best known in the Asian market. In addition, immediately upon completion of the merger we intend to take the research data that the Korean FDA already approved and submit it to the US FDA, with the objective of getting the US FDA approval in advance of other companies now researching umbilical stem cell treatments for a variety of different diseases."
"Histostem is recognized by experts in the field as a leading company in human umbilical cord blood stem cell research and therapy. Histostem is also one of the largest public cord blood banks as rated by the Jain Pharma Biotech report and currently has over 80,000 umbilical cord blood units. While maintaining our headquarters in Seoul, Korea, we are now ready to expand to the United States in conjunction with Stem Cell Therapy International where we feel the opportunities are greater for us to obtain the support of the US financial markets to fund our continued research and the distribution of our technology and stem cell therapy on a worldwide basis," Dr. Han added.
Histostem, Co., Ltd. started in Seoul, Korea in 2000. To date it has treated more than 500 patients with stem cells and currently have 56 full time employees and 28 part-time employees.