Singapore, Jan16, 2008: Forticell Bioscience has entered into a Material Transfer and Technology Evaluation Agreement with CJ CheilJedang (CJ), one of the largest Food and Healthcare companies in South Korea, granting CJ the exclusive right for a limited time to use its Fibrin MicroBeads (FMB) technology for the extraction and expansion of mesenchymal-type stem cells (MSC) from human umbilical cord blood (UCB). Its wholly owned subsidiary, Hapto Biotech (Hapto) will provide FMB along with proprietary research protocols and methods developed at its Hapto Biotech research laboratories in Israel for the extraction of MSC from UCB.

 

The release noted that CJ, along with an external scientific group on cord blood-derived stem cells led by Prof. & Director, Kyung Sun Kang at Adult Stem Cell Research Center, Seoul National University, will evaluate, elaborate and optimize Hapto’s procedures toward potential commercialization for in vivo treatment to induce regeneration or repair of damaged and/or diseased tissues. If the research performed during the evaluation period is successful, both Forticell and CJ will share new intellectual properties, and also both parties may thereafter negotiate a definitive patent licensing and product development agreement.

 

Commenting on the new agreement, which accelerates the development of Forticell’s second lead product candidate, Dr Costa Papastephanou, CEO and President, Forticell Bioscience said, “The combination of FMB’s proven superiority in recovering high yields of MSC and CJ expertise in working with umbilical cord blood has the potential to make a major contribution in the broad emerging therapeutic field of stem cell induced tissue regeneration. Initiating collaborative agreements such as this one with CJ allows Forticell to pursue these broader applications while maintaining our momentum in delivering on our near term objective, the commercialization of OrCel.”