14 Sep 2012, BioSpectrum Bureau , BioSpectrum
Singapore: RNL Bio has signed the agreement with RST Biomedikal Sanayi, a Turkish company, to license RNL Bio's stem cell technology. RST as a licensee will pay the $5 million fee upfront within 60 days from the agreement and will continue to pay the running royalty of 15 percent of the revenue, which could be up to $200 million.
RST will benefit from the geographical advantages of Turkey where Western, arabic and oriental cultures are crossed. It plans to establish a GMP facility and invite patients from Europe and Middle East early next year.
Turkey is the sixth country where RNL Bio's stem cell technology has entered.This is one of the major accomplishments that RNL BIO has long focused on establishing the so-called 'Stem Cell Silk Road' with South Korean stem cell technology to give hope to patients with intractable diseases in the world.
Mr Ilknur Erdemin, CEO, RST, said, "We expect to improve public health and the quality of life in Turkey through stem cell therapy technology imported from RNL BIO in treating various intractable diseases. We will also grow Turkey to one of the world's most renowned country in regards to medical tourism with RNL's stem cell technology in combination with Turkish World's Heritage."
To begin with, RST will focus on the treatment of diabetic complications, autoimmune diseases, cerebral palsy, and degenerative arthritis with RNL's autologous adipose derived stem cell technology. Stem cell therapy has already been allowed by Turkish health authority since 2011. Turkey actively promotes the industry of regenerative medicine and makes a quick move to expand in related fields.