Financial Daily from THE HINDU group of publications
Saturday, Aug 20, 2005
Financial Daily from THE HINDU group of publications Saturday, Aug 20, 2005 |
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Announcements Asia CRYO-CELL to set up stem cell therapy centre Our Bureau
Ms Mercedes Walton, Chairman and CEO, CRYO-CELL International, USA, and Mr S. Abhaya Kumar, Vice-Chairman and CEO, Asia CRYO-CELL, at a press conference in Chennai on Thursday. - Bijoy Ghosh
Chennai , Aug. 19 ASIA CRYO-CELL Pvt Ltd, a private cord blood bank, plans to invest over Rs 50-60 crore in a stem cell therapy centre, a public cord-blood bank and in expanding its facilities. Addressing a press conference here on Thursday, Mr S. Abhaya Kumar, Vice-Chairman and Chief Executive Officer, Asia CRYO-CELL, said that the company is in talks with leading hospitals to set up a stem cell therapy centre. It will bring in qualified doctors with an expertise in stem cell therapy to this centre. Also in the pipeline is a public cord-blood bank, Mr Kumar said. Asia CRYO-CELL is expanding overseas with a new facility to be set up in Malaysia. It is expected to commence operations in the next three months, he said. With the concept of an umbilical cord blood just starting to take hold, more parents of newborns are going in for banking the cord blood. This is a source of stem cells, which give rise to blood cells and cells that form part of the immune system. Doctors are now able to use the stem cells to treat a range of blood-related ailments as well as diabetes and heart diseases. Stem cells have a huge medical application, as they can develop into specialised cells and regenerate affected organs. Mr Kumar said that when parents opt to store the umbilical cord blood — which is otherwise discarded — they are providing the newborn with a modern treatment option for possible diseases in the future. Also, the stem cells can be used to treat such diseases that occur in the siblings, parents and even grandparents. Ms Mercedes Walton, Chairman & CEO, CRYO-CELL International Inc, the US-based company that has provided the technology to Asia CRYO-CELL, said that cord blood banking is the fastest growing segment in biotechnology and therapeutic applications. The US Government has decided to set up a public cord blood bank and has earmarked over $80 million. As a pioneer and market leader, CRYO-CELL International will partner with the US Government in this effort, she said. Once stored, the stem cells in the cord blood become a resource for the entire family. Clinicians are becoming increasingly aware of the applications of stem cells and the company is working closely with the medical community, she said.
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