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WideCells Group PLC’s (LON:WDC) CellPlan stem cell insurance cover is now authorised to be sold in three countries – the UK, Spain and Portugal – after it was awarded a licence by Portuguese regulators today. The London-listed company also expects this authorisation to be expanded to all countries in the Eurozone in the near future after it submitted a blanket request to European regulators. WATCH: Launch of CellPlan set to generate maiden revenues WideCells said the request is a bureaucratic procedure and expects to hear back within 30 days. “CellPlan is gaining traction, which is testament to its potential to revolutionise the stem cell industry,” said chief executive João Andrade. “With this licence in hand, we are poised to launch our product to Biovault customers which will see this innovative division generate its first revenues via our Excel Member Programme.” The Company entered the year with a definitive agreement with the UK’s largest cord blood bank, Biovault, to market and sell its product to both new and existing customers of the facility. With today’s licence in hand, the launch of CellPlan to Biovault stem cell storage customers is anticipated to follow later this month. New route to market On top of the licence award, WideCells has established a new route to market. As well as selling to customers of cord blood banks – such as Biovault, with whom the Company has entered reseller agreements with – the company has established a new website and e-commerce facility. This will allow CellPlan to be sold directly to families which store stem cells in cord blood banks that aren’t currently members of the CellPlan Excel Membership Programme but which meet the necessary standards. It has also strengthened its team to support this next phase. By expanding cover eligibility to those who stored stem cells privately outside of the CellPlan Excel Membership Programme, WideCells hopes to make CellPlan cover accessible to many more families, which will increase its market penetration. “By establishing a new route to market, we have placed ourselves firmly in the driver's seat in terms of sales, and we are excited to market directly to families which store stem cells in facilities which do not currently have CellPlan Excel Membership but which meet standards adhered to by the programme,” added Andrade. “Our non-executive director Dr Marilyn Orcharton successfully implemented a similar model across the dental industry with DenPlan, proving its effectiveness.” More blood banks want in Now CellPlan has two routes to market, and the company has said that it’s making “positive progression” with numerous cord blood banks around the world that want to join the Excel Membership Programme so their clients can have access to CellPlan. Membership is only awarded to stem cell storage facilities which meet CellPlan’s stringent criteria, in line with the company’s mission to promote quality across the industry. --Updates for video link, additional info--
Original Article: WideCells poised to deliver first revenues from CellPlan via UK roll outNEXT ARTICLE
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